Why some millionaires hate Bitcoin?

[secretgirl]

Everyone has his/her dislikes you can't force someone into something he/she doesn't like is just simple.
Many of this millionaires feel they already have a lot of money and they envy many of this crypto investors deep down they alswmo want to have this freedom and invest but pride and shame won't let them so they put all effort to tag crypto as illegal currency or make a bad name for it even move to the extend of demanding ban for cryptocurrency. Many of this people wish to be like use

yes, I agree with your opinion, maybe also people who already have a lot of wealth, they are afraid of losing their wealth if they buy bitcoin. now they must be sorry when the price of bitcoin is getting higher and higher in value from year to year. although with bitcoin someone can get a lot of profit, but they prefer gold because they think gold has no risk. maybe they hate bitcoin, because they are afraid that more and more people will get rich like him just by investing in bitcoin.

[TribalBob]

there are several reasons why millionaires don't want to know bitcoin, most likely the millionaire is already satisfied with his wealth, and doesn't want to be too bothered by trading crypto money
if Donald Trump hates Bitcoin because he thinks Bitcoin has the potential to damage the US dollar but it doesn't and in fact Bitcoin can be a great economic balancer for poor countries and the current pandemic

[JerryKin]

Bitcoin would forever be a wonder to many billionaires. Who think wealth should be stored in a place and you get to have what you have as long as it is properly kept. No rules whatsoever.  Bitcoin offers the opportunity of a life time. As it is allows you buy, mine, sell, hold in one word BE  INVOLVED . Bitcoin is where you earn wealth and not where you store up.

The hate posed by many billionaires comes up when they begin to feel threatened by the wealth earned by people who just merely sell, predict, mine and hold Bitcoin unlike them they who have work the work and strain their creative mind so they build an equal if not less wealth.

Bitcoin itself is the job

[South Park]

One of the reasons I feel some millionaires hate bitcoin is because of the bitcoin success! Bitcoin defies all they've used to know amidst all odds against it and hit unimaginable market caps in just few years. It tends to surprise them and as such, they believe its not sustainable and in that instance, they forget times are changing rather rapidly. Some others see it more as a competition,  even if they are not in the same field of business, the growth rate becomes what they tend to compete about. Sadly,  bitcoin ain't about them, there company or any of the variables they look at. Bitcoin is just there for the people to use as they please and an easy life for the knowledgeable or those with the know how.

Another reason why so many of them hate this is that satoshi gave bitcoin to the world as a gift, if this technology was privately owned I still think it would have reached some level of success and banks will eventually buy it and use it for their own purposes, but satoshi gave bitcoin to the world which means that for the first time fiat currencies had competition, and not only they now have a competitor they are facing the strongest competitor they have ever faced and they do not like this one bit.

[Fredomago]

there are several reasons why millionaires don't want to know bitcoin, most likely the millionaire is already satisfied with his wealth, and doesn't want to be too bothered by trading crypto money
if Donald Trump hates Bitcoin because he thinks Bitcoin has the potential to damage the US dollar but it doesn't and in fact Bitcoin can be a great economic balancer for poor countries and the current pandemic

you said it right, millionaires are content with the way they understand things away from Bitcoin, they are not that interested to learn deeper since everything being set and complete.

By far, those who are willing to take time in knowing Bitcoin more closer, the potential that they've seen are good. Unlike from those who immediately assume that Bitcoin is only a bubble that any time can explode and bring damages to their investment.

different people's mindset different opinions around.

[vanessacummings]

It is everyone’s personal thoughts on bitcoin. I don’t think it would be right to generalise things. You go with what you believe and what works for you.

[AicecreaME]

Probably because it gives financial freedom to the people which is problematic for some millionaires because they rely on people depending on them so bitcoin essentially takes away that dependence which in turn makes for low sales for the millionaires which is bad for the business.

I also think of this as one of the reasons why some millionares loathe bitcoin even though it provides so many benefits. I guess some wealthy people have a mindset that just want to gain and use their people on their own advantage. They love the workers dependence on them because it gives them a lot of profit. Hence, enough reason to hate bitcoin because it can be a source of financial independence as long as you are knowledgeable.

Another reason why I think the wealthy people aren't just a fan of bitcoin is that they already have much that they think it isn't really relevant and it's just a kind of scheme to scam people. They think it won't be beneficial to them, so they assume it won't be beneficial to others as well. Little did they know, bitcoin already produced and is still producing a lot of millionaires before up until the present.

[pinggoki]

Because they don't understand how it works. Because they are afraid of everything new. Because they secretly invest in bitcoin themselves. That's my opinion.

I don't agree with your opinion though it is your own point of view. Millionaires are not afraid of new investments because as they know that it makes them richer than their own economic status. Millionaires will try everything that may help them to increase their wealth although it is new. Money is the first thing that they are focusing so meaning they will try to understand and study how cryptocurrency works in order for them to invest big.

[iv4n]

Because they don't understand how it works. Because they are afraid of everything new. Because they secretly invest in bitcoin themselves. That's my opinion.

I don't agree with your opinion though it is your own point of view. Millionaires are not afraid of new investments because as they know that it makes them richer than their own economic status. Millionaires will try everything that may help them to increase their wealth although it is new. Money is the first thing that they are focusing so meaning they will try to understand and study how cryptocurrency works in order for them to invest big.

Many do not understand how crypto works, but many don't have basic knowledge of technology! Mostly those people are without formal or any kind of education, and most of these people come from third world countries!

When it comes to millionaires we can make a difference between "old and new millionaires"! We can say "old ones" are the millionaires who made their money on something solid, and they believe in traditional values! "New ones" are the ones who are earning from technology and the things that come from that!

In the end, this is individual... we can't generalize and say "this or that" people like/hate Bitcoin and crypto!

[randegibran]

with the hatred of some of these millionaires maybe this can be used as motivation for us for investors.to prove to them that bitcoin is not as bad as they think it is. for some reason maybe they hate bitcoin, one of them maybe they are afraid of being rivaled with what bitcoin has.designed with the increasing number of crypto investment enthusiasts.if they really hate bitcoin that's their right too, we just don't need to care about how much people hate the bitcoin world

[Abiky]

There can be several reasons as to why millionaires such as the ones you have mentioned hate bitcoin but the things that pops first into my mind every time I encounter such a question are:

 1. They are traditional people - Traditional people only believes in the traditional ways of earning money which they have been studying and using all this time and have been able to prove for themselves the effectiveness. Hence, they only trust traditional ways that they can be sure enough to deliver good results and not see as a 50-50 gamble.

 2. Cyptos affect their businesses/source of income negatively - Now as we can see on the first reason, they have traditional ways of earning and some traditional ways can easily be affected negatively by this industry like banking, remittances and more.

 3. Personal hate for innovation(Complicated things that require a lot to comprehend fully) - Let's face it, lots of traditional people hate the thought of new things that require a huge amount of time and effort to understand. And being a businessman, the person's every move are naturally well calculated to have as much success rate as possible. Now with this industry having too many uncontrollable variables, it is almost impossible to get expected results in a hundred percent. Thus, makes traditional people hesitant to hateful.

There are more reasons out there but these are probably the most logical ones that I think of most of the time.

Most millionaires are people who've been accustomed to the banking system for quite a long time. Something as new as Bitcoin won't bring their attention especially when it's not backed by a reputable entity. Those who adopt Bitcoin (like Elon Musk) will be the ones who'll benefit the most in the long term. Your list greatly explains the reason why the wealthy avoid Bitcoin in the first place. What matters is that Bitcoin remains decentralized to withstand anything on its path. I wouldn't worry about a few millionaires going against Bitcoin, as long as the majority of the people support it. Just my opinion

[South Park]

They don't believe it's a scam, otherwise they wouldn't hate it. They hate it because it's a tool for 'common' people to get wealthy, outside of their little rich world. Common people should try to invest and I am sure they will be benefited sooner or later.

Another reason is that bitcoin is a game changer, those that are rich obviously like the system as it is as they are at the very top of it and have a lot of influence, bitcoin promises to change the way the economy is going to work and they are not happy with it, meaning that they will have to start over and they do not like the idea of paying tens of thousands of dollars for bitcoin when other people got them almost for free, they are used to the opposite, in which they are the ones that get stocks at ridiculous low prices and then sell when the prices are inflated.

[pixie85]

I think it's because bitcoin is a relatively new concept that they have a difficult time wrapping their heads around. But they typically use fiat to make more fiat, introducing a crypto currency accepted globally undermines their purchasing power by taking away their fiat demand.

It's just like you said.

Many of them were negative at first but then changed their minds. The guys from Shark Tank are one of those. Mark Cuban thought it to be a ponzi scheme at first. I don't remember exactly but he said something like that about 5 years ago and now he owns some bitcoins. Kevin O'Leary said in 2019 that bitcoin is useless and now he's planning to invest in green mining.

These guys need a bit more time than we do, they're a bit slow and scared because they've seen many scammers in their line of work

[verita1]

Amazon has not accepted Paypal as a means of payment, it only supports credit cards.
IMO when Jeff Bezos created Amazon as a new business model in his time that led him to innovation. Accepting bitcoin on Amazon is like minimizing the company for the great euphoria it can cause. It is like a solid brand that does not need another element as well as it can happen with Apple.
That is the reason in my opinion that large brands led by Billionaires do not accept bitcoin.

[liao chandra]

it's because they don't invest bitcoin.  Then the price of bitcoin that continues to rise makes them jealous.  They say hate bitcoin to get bitcoin price down and many people support them.  But I believe in time they will accept bitcoin and invest in bitcoin.

[Kong Hey Pakboy]

I don't have any backing things about this but I think the reason why they hate crypto is it's accessibility, the people from different levels of life can easily access it and with some strong fundamental knowledge about it, can help them make money. With the people finding financial freedom in crypto, the people at the top are scared because they're control over the people are slowly wavering since the things that they can offer can be offered by crypto in a much better way.

[Ebede]

Bitcoin is scam to people don't have money, any millionaires hate bitcoin they still looking for a money, use can't see a billionaire condemning bitcoin without coagent reasons, it's before when people are ignorant of bitcoin and they hate it, but since people have started practicing investing in bitcoin,even the millionaires is even investing their money in bitcoin.

[romecheo]

Before, many millionaires, we're not really aware about Bitcoin, they accustomed the way they believed,

they not willing to put investment, in the things that cannot be seen or touch,

or they hated BTC, because, many people who possess BTC, specially those early adopters are richer than they. 

[dota2bestplayer]

It is basically the ideological and conceptual tradition of the older generation of bourgeoisie. They believe that the cryptocurrency field has no real value to support the existence of cryptocurrency. They do not understand the technology of the crypto market and do not want to put themselves at risk of unknown passivity. They would rather stay in their comfort zone.

[virtualdn]

Because they're FIAT slaves like Elon Musk. Don't be fooled to think this dude loves crypto. These elite guys hate cryptocurrencies for a reason because they've been taught to hate them.