Why some millionaires hate Bitcoin?

[Ararbermas]

They don't hate bitcoin unless if they gained enough profits on it because for sure negative news will be the next move for them.. Like what elon's technique wherein at first mostly were good news but soon after gaining good profits on it he will make tweets about negative side of bitcoin and etc just to manipulate the growth rate..lol  this is actually a very obvious technique of those billioner and sad to say a bunch of ppl always shaking when it comes negative views especially if it came from some billionaires out there..

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[mckinleeanael07]

Usually people hate something out of jealousy or dislike perhaps that the development of BTC has probably affected the things around them, or it has grown so much that other values are overshadowed. , because of that there will be a lot of Bitcoin hate.

[Fortify]

Some wealthy people have expressed their disdain towards Bitcoin. They believe Bitcoin is a scam or Ponzi scheme backed by nothing. Figures like Warren Buffet, and even Donald Trump himself believe Bitcoin is a sham. I'm surprised to see this, since Bitcoin brings many profit opportunities to its "hodlers". For some reason, millionaires (or billionaires) hate Bitcoin. They usually support Gold and Fiat, not wanting to try something new like crypto/Blockchain tech. Justin Sun tried to convince Warren Buffet to get into crypto a while ago, only to find that his efforts were in vain.

Thoughts?

I think there are many reasons that they decide to talk badly about it. Some like Warren Buffett send mixed messages - throughout his whole investing career he has repeatedly stayed clear of technology stocks and has admitted that he should have invested in many companies in that sector. He might want to help people avoid losing their money in a highly volatile asset like Bitcoin which comes from a good place, but it's hard to judge the opinion of a self proclaimed technophobe. Trump is another story entirely and will bend whichever way the wind blows if he thought he could use it to his advantage, if there was money to be made in Bitcoin by easy manipulation which would not interfere with his new found political ambition then he would certainly take that path.

[romero121]

The term millionaire is used to represent a person who have millions worth assets/properties/investment/gold/anything. He have earned those big millions out of different investment. This makes them not to think about bitcoin and sometimes makes statements against bitcoin. There are millionaires who have made statement against bitcoin during its early days as it got much used on illegal needs. Now those people have made big investment on Bitcoin.

[iTradeChips]

I guess it is just all has something to do with control. Maybe these billionaires and elites who disdain Bitcoin and cryptocurrency don't really want investing at something that is volatile and for them easy to lose money at. I think that they were able to become rich through the other avenues like stocks and buying companies and the whole monopoly thing. And also I think they don't want to make a huge gamble or any gamble for that matter at something they think is nonsense. Yes, they think lowly of cryptocurrency.

[Hughes_Ryan]

They hate bitcoin just because bitcoin is more fair than what they have, they think it's unnecessary and they don't need special because they are fully qualified to handle any problem. Just a few, BillGate doesn't hate bitcoin but he is also skeptical. There are things that are not simple but it is really easy. And that may be the mindset of the rich. I don't worry if one day bitcoin makes me a millionaire. Lol

[Cling18]

Some millionaires hate bitcoin because it's a decentralized coin, and they hate things where they can't have full control. Another fact they hate is the high volatility, Is nice when that volatility brings huge profit but is a big pain if the coin price drops and the investment was huge.

Another reason for them to hate is because a lot of people recommend them to invest in bitcoin and they never believe in the now, and now when they see how high it comes then that means they lose the best opportunity of their lives to make tons of money.

Most of them don't want to deal with the risks of crypto investing regardless of the profit that we could get from it. They only stick to what they believe is profitable such as stocks investment and putting up huge businesses. If there would be a higher demand in crypto and strong competition on it, I'm sure that richer people would switch to it.

[BITCOIN4X]

why billionaires hate bitcoin, the answer Maybe billionaires are too close to the government, and all the projects they will do are always supported by the government, sometimes there are also big projects that are directly given by the government to billionaires, so you could say some millionaires have to submit to the government.

We had some reasonable answers earlier like this post on why billionaires hate bitcoin. Their proximity to the government may not be a deterrent factor for them to support bitcoin and meanwhile they may not understand about this technology and how it works and also fear the collapse of the USD. After all, bitcoin and this technology have forced them to think harder so far because bitcoin is unstoppable. They are never forced to support bitcoin because maybe one day they will admit that bitcoin innovation is far more useful than fiat.

[ampu]

Everyone has a way to make money and Bitcoin has made many people rich quickly.
The hatred of Bitcoin comes from many points of view. Some people envy the rich from Bitcoin. Some of them don't understand the technology of bitcoin. Some people invest in Bitcoin and lose. Others make their money based on government ties, and they think Bitcoin threatens their government's FIAT currency.

[ethereumhunter]

Those millionaires do not like to see other people become millionaires like them, so they hate and spread the news that bitcoin is a scam or Ponzi. But people tend not to care about that and those involved in bitcoin are still trying to make as many bitcoins as possible. We do not know if those millionaires have their agenda to possess many bitcoin because they have a lot of money and they can buy bitcoin at any price. We do not have to listen to what they said and we can still try to make more bitcoin.

They love the old fiat system where they can use their money and manipulate the minds of poor people. Actually, they are more corrupt than the government.

They can't do this to Bitcoin, they can never take advantage of the market which is very unlikely with what they did to fiat.
And aside from a lack of knowledge of crypto, it was also a lack of interest in the new system. To hate to say but it is really hard to change their mind.

If they can open their mind about the new thing that can give them more profit, such as bitcoin, they will not just do that instead they will try to help traders to make a profit too. But even if they do not do that, the traders will figure out how they can make a profit with the millionaires because they will have their chance to make a big profit. Well, we can not do anything about them because we do not know who they are but we can keep trying to follow their step and get out as soon as we can make a profit.

[Mr.sprin]

Maybe those people don't understand the value of Bitcoin or people are too rich and don't care about it, but today Bitcoin is proving more and more valuable so in the near future it is very likely that the Millionaires will see Bitcoin as a reliable investment.

rich people don't care about bitcoin I think rich people don't keep up with the times if there are rich people who understand bitcoin and they ignore bitcoin, rich people are stupid because basically now bitcoin is the best choice in investing but they ignore it, people are very stupid.

[DarkDays]

They don't hate bitcoin unless if they gained enough profits on it because for sure negative news will be the next move for them.. Like what elon's technique wherein at first mostly were good news but soon after gaining good profits on it he will make tweets about negative side of bitcoin and etc just to manipulate the growth rate..lol  this is actually a very obvious technique of those billioner and sad to say a bunch of ppl always shaking when it comes negative views especially if it came from some billionaires out there..

True, nobody dislikes something that can be a vehicle for making money. Hello, no, the only problem this time is that the vehicle can be hard to steer but not entire impossible. The crypto market enables anybody with a hitch for technology and some basic financial understanding to make a nice profit. So, millionaires and billionaires have nothing to fear as long as they ride on with the financial change brought by crypto.

[ChrisPop]

Humans intrinsically resent change. We like to stay in the comfort zone and conserve our energy. You can imagine that Buffett, at his age, has both his energy levels and cognitive ability seriously impaired. That's a biological fact. I'd bet that researching and understanding a new technology is a challenging chore for a young intellectual guy, not even talking about a 90-year old sir. I'm just saying that his opinion should not matter a lot, no matter his experience and results in the investing world.

So you can assume that most millionaire who hate Bitcoin is because they hate change. Bitcoin has the power to disrupt the economy as we know it. This will force all these millionaires to learn new things. Most of them will likely degrade from the position though.

[yazher]

I'm just a simple speculation as someone who doesn't have any important role in my community. to me the reason that they hate Bitcoin, is because they don't want other people like ordinary people to have the opportunity to become millionaires in the simple step of owning Bitcoin. hasn't it been proven that since the existence of Bitcoin many new millions have sprung up and it has threatened their position as the richest people.

maybe the reasons I say can't be agreed, but for me Bitcoin has given a new atmosphere in our finances until now.

That's the basic principle those people have and you are a fool if you make your decision from them. they know how to manipulate the others so they will not advance to the top and they will stay at the bottom so that the power will remain on those greedy millionaires. every investment opportunity should be studied well by you if you have the means to do so. don't let them decide what to do or not to do with your life. you still have a chance and without their help, you can still make your dreams come true.

[enawati]

In my opinion, more millionaires like BTC than hate it. Founder of Apple, FB, Tesla, Goldman Sachs and others supporting BTC and cryptocurrencies markets. Just like ordinary people, there are people who like and hate BTC. Peoples who hate BTC can be they not buy BTC when price cheap and in that time they dont understand what is BTC and its purpose. And they dont have any idea about future of BTC, so they doubt to invest in crypto and regret when  seeing the price of BTC soar.

[South Park]

Some wealthy people have expressed their disdain towards Bitcoin. They believe Bitcoin is a scam or Ponzi scheme backed by nothing. Figures like Warren Buffet, and even Donald Trump himself believe Bitcoin is a sham. I'm surprised to see this, since Bitcoin brings many profit opportunities to its "hodlers". For some reason, millionaires (or billionaires) hate Bitcoin. They usually support Gold and Fiat, not wanting to try something new like crypto/Blockchain tech. Justin Sun tried to convince Warren Buffet to get into crypto a while ago, only to find that his efforts were in vain.

Thoughts?

It is not difficult to understand why, bitcoin is a game changer, things are never going to be the same after the invention of bitcoin, and those that are at the top hate having to adjust their game as they were doing great already, this means that a bunch of people that were not big players before will become exactly that while old players will have to get in late or they will lose their power, so when you see things like that it is easy to see why they hold such an opinion.

[Imran232]

There are some kind of richest people in the world who dosen't like bitcoin here are their confession :

- Donald Trump directly said bitcoin is a scam. The main reason behind is bitcoin is a supper compitate of usd.
- Warren buffet said lots of unwanted things about bitcoin. After hearing his statement. I don't think he has any kind of technological knowledge.

- There are lots of reacher people who saw that because of bitcoin lots of people are investing on bitcoin. Not their company share and for this reason they face a little bit financial problem.

Its my opinion others can be different  thanks.

[Eureka_07]

In my own personal opinion, I think this just are almost applied to those people that hides something i.e. their money are just came from their corruption. I think if the money that they have are in crypto, like bitcoin, it will really be hard for them to commit such correction since transactions on blockchain is public.

And I think, not every millionaires/ rich people doesn't like bitcoin.

[ChrisPop]

it will be very easy for them to make big profits because of course they can manipulate the market at any time.

Depends how many millions they have. The cryptocurrency market is gaining increasingly higher liquidity. Without a few hundreds millions I don't think someone can generate an impactful move in the markets. Let's remember that Musk is a billionaire and with the help of inflation it's getting easier to get the millionaire status especially in well developed countries.

[Woodie]

I think its not a matter of hate, it's a matter of protecting their investments and I believe these are the guys that invest in the real gold bars as a way to store or measure their wealth.

Am certain if some one explained to them how exactly bitcoin works, they would be happy to jump on the bitcoin train without a doubt.