Why some millionaires hate Bitcoin?

[Fredomago]

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.

Not all, there are Millionaires who are hiding behind, someone who doesn't care about anything aside from their money, Bitcoin is one the good place to continue earning without any notice,

A luxury that millionaires wanted to enjoy, if there are vocal people who deosn't want bitcoin it's their opinions and that's well respected, even if it's the majorities it won't hurt the industry, as long as there are people who continue supporting and continue investing inside this market.

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[cr1776]

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?

Some poor people, some middle income people have expressed their disdain towards bitcoin also.  Does that mean all do?  Of course not.  Ditto for "rich" people.   Plenty of rich, middle income, and poor people like the promise of bitcoin.  Plenty of the same don't like it.  It is meaningless to extrapolate from the likes of Buffett to make many conclusions based on his level of wealth.

The reason why is simple:  people have their own areas of expertise and are entrenched in it in many ways.  There were a ton of people in 2009 and 2010 who hated bitcoin, and most of them were tech people who didn't have a deep enough understanding of it to realize the potential.   It has been the same every year since: there are a lot of people who say "tulips", "ponzi" and "scam" and there are plenty of people who understand the benefits and who know that bitcoin has the ability to let people protect their assets from the greedy, grasping hand of politicians of the authoritarian (fascist, socialist, communist etc) stripe.
 
One key point is that many of the people who don't like bitcoin - e.g. Buffett (2 Ts), Soros et al - have a vested interest in the status quo and the ability to have a hidden inflation tax on everyone.  Others (such as Trump) haven't had the benefits properly explained to them and have advisors who don't want to explain the benefits properly.

[Asuspawer09]

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 mean they have different reasons why they don't trust or just don't like bitcoin, but I just don't believe that this millionaire doesn't even invest a single penny to bitcoin at least they might try it or gamble some for sure.

The profit is high just investing a few million dollars would not hurt for some of these people, all of the business has its own risk so investing in bitcoin or cryptocurrency would make sense but I mean yeah, maybe not.

These millionaires have big businesses that already earn a big amount of profit so maybe they just don't understand bitcoin technology or just don't think that bitcoin has what it takes plus its risk.

[dataispower]

Believe me, there are some of these millionaires who have bitcoins but just being irrelevant on a daily basis to feel important in the society. Or perhaps they are simply greedy with the status quo, I would not generalise the same for the poor people who hate BTC as well. It is a double edge sword.

[ene1980]

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.

Another wild theory, people who made money and are billionaires are well aware how an economy functions and how their companies are valued and if they see a computer code getting valued they will not accept that and that is the issue with many and these people who are opposing Bitcoin are of the older generation, i cannot find a young billionaire who made money in the technology side of things complain about Bitcoin.

[uneng]

Why do some millionaires hate bitcoin?

Because they are already millionaire.

They live confortable lives, they have everything they need and want at hand. Bitcoin can't guarantee them any benefit they don't already have without it. In some cases it's quite the opposite, since many millionaires profit from the bureaucracy and difficulties other people have to deal in their daily lives. Bitcoin and decentralized crypto in general mayy decrease all these difficulties considerably, so it's normal many wealthy people will be against it. Everyone who belongs to the consolidated system will try to stop or corrupt bitcoin somehow.

[ReiMomo]

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.

Another wild theory, people who made money and are billionaires are well aware how an economy functions and how their companies are valued and if they see a computer code getting valued they will not accept that and that is the issue with many and these people who are opposing Bitcoin are of the older generation, i cannot find a young billionaire who made money in the technology side of things complain about Bitcoin.

We have a different opinion on this, and for me, I guess the reason is they are not aware of the system that bitcoin has, how it will use it and how important it is, they always believe in the stock investments, not on the digital investment that was made by a computer code.

Just like Elon Musk, he rejected bitcoin after all because of the reason that it will harm the ecosystem through the mining of bitcoin, the equipment that used will become a danger to the ozone layer. But I guess, not all millionaires have the same mindset, most of them perhaps can able to afford to invest in bitcoin.

[tabas]

Why do some millionaires hate bitcoin?

Because they are already millionaire.

They live confortable lives, they have everything they need and want at hand. Bitcoin can't guarantee them any benefit they don't already have without it. In some cases it's quite the opposite, since many millionaires profit from the bureaucracy and difficulties other people have to deal in their daily lives. Bitcoin and decentralized crypto in general mayy decrease all these difficulties considerably, so it's normal many wealthy people will be against it. Everyone who belongs to the consolidated system will try to stop or corrupt bitcoin somehow.

But the question can be made that if they're already millionaire, why they have to step on bitcoin? why they cannot live comfortably without interfering with bitcoin.
The answer is they have an agenda, it's not about being them as millionaires but there's something on bitcoin that could potentially stop them or their businesses.

[uneng]

Why do some millionaires hate bitcoin?

Because they are already millionaire.

They live confortable lives, they have everything they need and want at hand. Bitcoin can't guarantee them any benefit they don't already have without it. In some cases it's quite the opposite, since many millionaires profit from the bureaucracy and difficulties other people have to deal in their daily lives. Bitcoin and decentralized crypto in general mayy decrease all these difficulties considerably, so it's normal many wealthy people will be against it. Everyone who belongs to the consolidated system will try to stop or corrupt bitcoin somehow.

But the question can be made that if they're already millionaire, why they have to step on bitcoin? why they cannot live comfortably without interfering with bitcoin.
The answer is they have an agenda, it's not about being them as millionaires but there's something on bitcoin that could potentially stop them or their businesses.

Yes, like I said above, many of these guys got millionaires by the suffering and exploitation of other people. An example are the banks which charge extreme interest over loans and when it's the opposite, they borrow money and return too little percentage to their customers. Bitcoin becomes a big issue for their money making method's workability, because new investments become accessible for people worldwide, doesn't matter where they are, being possible to earn better interest rates we didn't have access before through our banks and their traditional investments offers.

Behind these banks, governments and mainstream companies there are the millionaires which are mainly affected negatively by bitcoin, so it makes total sense they are going against it.

This is just one example, but there could be more.

[xiboothrezi]

Billionaires or millionaires hate bitcoin or cryptocurrency because they know that exploring cryptocurrency is a big opportunity and they don't want some people to get rich in different ways towards what they have done to be a millionaire.
Donald Trump says that bitcoin is a scam because he knows that bitcoin can dominate USD, I don't know why he is afraid of bitcoin, instead of fudding why don't they don't join us.

rich and influential people, there must be meaning in their statements. whether to support or bring down bitcoin, we will not really know what their intentions and goals are in leading public opinion.
whether this is part of their "game" or not, we'll never know. maybe in public, they are cons, but they have a bag full of bitcoins, who knows?
So don't take this too seriously, don't get stuck in an endless game. focus on the goals of each of us, make the best of the opportunity if you are willing to accept the risk.

[Rabi3]

1. Warren Buffett doesn't understand technology
2. Donald Trump clearly said that Bitcoin is a risk to the USD
3. A lot of rich people(or people in general that aren't poor) think Bitcoin is unnecessary because they're privileged. They think Bitcoin is unnecessary because they're and their country is doing fine (at least as of now); completely ignoring other people living in communist and far more corrupt countries.

that's one of the best replies, as a guy living in very corrupted country, i can really appreciate bitcoin since it helped me a lot, i couldn't have gotten what i have now if there was no bitcoin and no crypto, finding a job is really hard, and if i got lucky and found one, i will get paid like almost just to eat and drink, rich people can not see bitcoin as a useful thing since they don't need it at all.

[Distinctin]

It was a personal interest, I think. You know, it was a business matter, simply these rich people think that Bitcoin had taken away their profit if that become widely used in the community. They're probably right and it is possible to happen that their businesses will heavily be affected.

Anyway, how'd they know the use of Bitcoin in real life if they don't know about this. Many still become innocent because they don't want to open their minds and their are focusing on their personal benefits.

[Shasha80]

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.

Millionaires certainly want to protect their wealth from being lost. Therefore he will reject something that he does not understand.
I also believe some millionaires hate Bitcoin, they just don't really understand how Bitcoin works. They must be frightened by negative
rumors about Bitcoin,  then as we know most of the millionaires in the world are old people who find it difficult to accept new things.
So actually the main factor for people who hate Bitcoin, because they don't really know Bitcoin well.

[karanggatak]

I think they just spread FUD, some of them have the aim of playing the market so that it crashes so they can take the opportunity to buy bitcoin at low prices
we don't know whether they own bitcoin or not, so far we know that there are a lot of big companies in the world that invest in bitcoin.

FUD for them is very important in order to get a cheap price, without FUD the market will stagnate, as well as good news. we as ordinary people better follow the pattern they make in order to get profit

[tabas]

Why do some millionaires hate bitcoin?

Because they are already millionaire.

They live confortable lives, they have everything they need and want at hand. Bitcoin can't guarantee them any benefit they don't already have without it. In some cases it's quite the opposite, since many millionaires profit from the bureaucracy and difficulties other people have to deal in their daily lives. Bitcoin and decentralized crypto in general mayy decrease all these difficulties considerably, so it's normal many wealthy people will be against it. Everyone who belongs to the consolidated system will try to stop or corrupt bitcoin somehow.

But the question can be made that if they're already millionaire, why they have to step on bitcoin? why they cannot live comfortably without interfering with bitcoin.
The answer is they have an agenda, it's not about being them as millionaires but there's something on bitcoin that could potentially stop them or their businesses.

Yes, like I said above, many of these guys got millionaires by the suffering and exploitation of other people. An example are the banks which charge extreme interest over loans and when it's the opposite, they borrow money and return too little percentage to their customers. Bitcoin becomes a big issue for their money making method's workability, because new investments become accessible for people worldwide, doesn't matter where they are, being possible to earn better interest rates we didn't have access before through our banks and their traditional investments offers.

Behind these banks, governments and mainstream companies there are the millionaires which are mainly affected negatively by bitcoin, so it makes total sense they are going against it.

This is just one example, but there could be more.

I agree with you on that. They're being stepped on with bitcoin and there's nothing for them to remove the competition unless they're the ones who's going to adopt it.
We can have the perfect example of PayPal.

[Abiky]

Being millionaire doesn't necessarily mean somebody is smart, understand tech and want common good.
Many are too old to understand Bitcoin.
Many have businesses related to banking system or gold, hence they'll be against Bitcoin.
Many trust kinda blindly on what other rich people (usually tied to central banks) told them.

Bitcoin markets are unregulated or poorly regulated and many will either fear that, either come against that.
Bitcoin is pretty easy to steal if somebody doesn't have the patience to learn about how to keep it safely.
Bitcoin allows tax evasion, allows hiding dirty money and so on.
Bitcoin is not perfect and some of these guys will not accept anything less perfect (as they understand that) than the banking system they already know and trust.

But don't worry. All these problems are temporary. We just need to go on. More and more people find the benefits of Bitcoin by every day passing by.

That's certainly true, mate. It's no secret that most wealthy people rely on banks for everything. They don't see Bitcoin as attractive as Fiat because it's not backed by a reputable entity (in this case, the government and the central bank). Fret not, since millennials will be the ones who will "kick" Bitcoin into high gear. They're usually tech-savvy enough to understand what the revolution is all about. As long as Bitcoin has some loyal supporters behind it, nothing else matters. People are noticing Bitcoin's true benefits relative to Fiat, regardless of what some millionaires (or billionaires) say about it. The old generation will pass out, paving the way for widespread adoption of crypto/Blockchain tech. So with or without millionaires' support, Bitcoin will thrive thanks to its decentralized and censorship-resistance design. Just my thoughts

[jasonjm]

Those who are saying this is because
. Some of them don't know about the technology or Bitcoin
.. Some of them still consider Bitcoin as premature investment option
... Few hate the fact that how easy a person become millionaire by investing in Bitcoin.
.... Others are watching Bitcoin moves closely and are thinking about Bitcoin as an investment option.

[conected]

Those who are saying this is because
. Some of them don't know about the technology or Bitcoin
.. Some of them still consider Bitcoin as premature investment option
... Few hate the fact that how easy a person become millionaire by investing in Bitcoin.
.... Others are watching Bitcoin moves closely and are thinking about Bitcoin as an investment option.

- Millionaires are already traders with a sky of knowledge and strict management of investments, so excuses such as lack of knowledge about bitcoin should be excluded from this case, hitting on jealousy will be what I think about the most when in the past there was not much existence of tools like crypto, people need to strive for many years, sometimes stepping on each other to become millionaires. The new age with bitcoin has broken the pride of years of trying for some millionaires, some disgust is a natural response to unfairness

[Kasabus]

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.

Millionaires certainly want to protect their wealth from being lost. Therefore he will reject something that he does not understand.
I also believe some millionaires hate Bitcoin, they just don't really understand how Bitcoin works. They must be frightened by negative
rumors about Bitcoin,  then as we know most of the millionaires in the world are old people who find it difficult to accept new things.
So actually the main factor for people who hate Bitcoin, because they don't really know Bitcoin well.

For millionaires and even billionaires, they totally think bitcoin is a big scam because of the negative rumors that have spread around. They have all the wealth so they should know how to protect them as much as they want and avoiding bitcoin is one of it.

But i believe the main reason why they avoid bitcoin is they don't really know what bitcoin is all about so they don't feel interest investing on it. But for those who have become millionaires lately because of bitcoin, bitcoin is a big thing that would definitely change our way of living and even the standards on it.

[Fatunad]

Those who are saying this is because
. Some of them don't know about the technology or Bitcoin
.. Some of them still consider Bitcoin as premature investment option
... Few hate the fact that how easy a person become millionaire by investing in Bitcoin.
.... Others are watching Bitcoin moves closely and are thinking about Bitcoin as an investment option.

For those millionaires who had reached out their status through long time or term investing then they would really be seeing that fast scheme
pace of bitcoin earnings or crypto investment will really be a joke and thats why some of them calling it a scam but sooner or later they would
realized that they had just missed out the opportunity to ride with the bandwagon and tend to regret if lots had already making some serious profits.
Well, they are already wealthy but we cant really changed up on what they do have in mind so let them be.