Why some millionaires hate Bitcoin?

[ropyu1978]

they don't understand bitcoin, they also don't understand crypto performance, rich people are used to fiat currency, that's why they hate bitcoin, but I think if they understand and understand bitcoin, they will definitely play in krypto money, indeed play in crypto have risk, that's why people are afraid of crypto, they are afraid of risk..

[Peanutswar]

As for now I didn't seen any people right now getting angry with the use of bitcoin but well in just my perspective too and based on the statement given by the other member some people hate it. I guess because they know the chance or possibility that you hold this coin for a long wait and get your profit if the market rises too much another factor too is people now invested with the cryptocurrency which is decentralized and not to those coins or let's say stocks and forex.

Also common is if you don't know things like crypto I guess risking your money is not recommended. Always invest in the things you know.

[mckinleeanael07]

In my opinion, some wealthy people have a disliking view of BTC and treat BTC as a ponzi scheme which is a scam. maybe they don't fully understand the technology of BTC and believe in its future. If BTC has more banks or places that accept payments, I believe they will think differently about BTC.

[Fredomago]

they don't understand bitcoin, they also don't understand crypto performance, rich people are used to fiat currency, that's why they hate bitcoin, but I think if they understand and understand bitcoin, they will definitely play in krypto money, indeed play in crypto have risk, that's why people are afraid of crypto, they are afraid of risk..

Most of them loves to stay with fiat as they already familiar with how things works around it, while wih crypto where there are chances that their money will lose it's value they are not accustomed to accept and embrace that factors.

Rich people already have the wealth and they are not willing to venture with something that risk is much higher than the potential of gaining huge amount of money,

Lacking with understanding and unwilling to take the long steps of learning the process.

[Hamphser]

In my opinion, some wealthy people have a disliking view of BTC and treat BTC as a ponzi scheme which is a scam. maybe they don't fully understand the technology of BTC and believe in its future. If BTC has more banks or places that accept payments, I believe they will think differently about BTC.

People does have different impression towards Bitcoin which it isnt surprising that they would neither be interested nor having the opposite view about it which we can understand.

In all the possible methods and ways of scamming nowadays, you would really be having that kind of mindset or reaction that this is might some another scam once again but if you do

really make your homework then you would really be changing your impressions towards bitcoin since it isnt the true thing about it.By just looking on the community on how big it is
then thats one of the factors or indicators that you arent dealing on something which is a potential scam.

[blockman]

it's because they don't invest bitcoin. 

Not really. Tesla once accepted bitcoin and invested in bitcoin and then stopped accepting 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.

There's no jealousy with the price increase of bitcoin and in fact, that's what they want if ever they invest but they don't. Those negative thoughts that they're showing to the public, it's either being done for them to give a good price entry. But some of them might be really saying a real thought they've got against bitcoin.

[worldofcoins]

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.

Most of those attempts are the keep, other people, away from bitcoin and another tech that makes challenges them to change by following masses, They don't want to follow masses so they hate it, What they mean is "I'm here because i don't use bitcoin and you shouldn't either"

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?

They don't support it because their wealth is built on traditional sources of income and anything new that changes the tradition messes with their head.. a lot.
When people get old their drive to do things decreases, most of them, and life becomes dull because the brain recalls past knowledge and connects dots and that becomes easy rather than learning something new.

[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?

It is almost worthless even listening to people like Warren Buffet and Donald Trump on these topics, they are already sitting on top of fortunes that would be able to last them many lifetimes - they will never need to move outside of their comfort zone again. Cryptocurrency is very much a new field and those guys are in their 80's/90's right now so it may feel largely redundant for them to learn about such new technologies. They got rich without it, they learned their businesses without it and they can finish their life without needing to know about this new subject that does not offer them anything. Unlike people born today who have a chance to speculate on the future, their form of speculation on the past was owning companies and shares. Do not begrudge them, but they should stick to fields of expertise rather than chastise people.

[Barry Mantle]

Not all wealthy people don’t like to invest in Bitcoin. There are still some giant whales in the Bitcoin market. They have invested in a lot of Bitcoin, such as MicroStrategy and Tesla. There are also companies that seem to resist Bitcoin. In fact, they bought a lot. Goldman Sachs tried to sing empty bitcoins before, but instead bought a lot of bitcoins. I think that many millionaires among them may be considering the high volatility of Bitcoin, the risk is not controllable, or they may not understand encryption technology very well. After all, everyone has a different background and ability to accept new things. , But they have realized the freedom of wealth, so there is no need to take risks.

[Felimon]

I think BTC is unpopular with some and there are some millionaires who see it as a ponzi scheme. and at some point it will collapse like a bubble burst which also means that they will not be able to put their assets in a short-term investment. All because they don't understand the technology of BTC and see the profitable future it brings.

[Betwrong]

When you are wealthy, you automatically hate any changes and everything that might cause those changes. Millionaires want to maintain status quo forever, but, unfortunately for them, that's not how things work in this world. The wisest from them are aware of that, of course, and now actively buying BTC at low price.

[iTradeChips]

Well, why do some millionaires hate Bitcoin? Not just millionaires, but multi millionaires and billionaires as well, hate Bitcoin? Well most of the them of course does not have a grasp of the technology that is being used in Bitcoin and cryptocurrency in general. So without the said knowledge, of course they would not dare risk a lot of money to something that they do not understand. And they simply rely their riches to traditional investments and business, which I don't really blame them, but if that is what they want then let them do what they want.

[owengtam09]

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 know someone that they believe that bitcoin is a scam which is not because they said that they lose money of about almost $14,000. Why do they say that? Because they just put their money with those scammers (people) and not in bitcoin itself. They don't actually know how to buy bitcoin with their money. If only they know-how and they know the cryptocurrency well, for sure they will put a lot of their money into it and support bitcoin.

[LimLims]

The most appropriate reason seems they do not want to be rivaled by the presence of this bitcoin, as we know bitcoin one of the very profitable businesses and bitcoin is also at the top as a profitable business under Apple,

That is almost a controversial statement but yes it’s a fact.
Businessman likes the way they are in, they don’t want any competition with other people.
And as the name suggests Businessman, so they look into the things which will benefit or give profit them.
Like elon musk, they buy an altcoin in a small price and promote it, so when the price goes up they sell it and earn profit.
Hope this clears your doubt OP.

[conected]

They do this because the government hates crypto. But in fact, most of them actually invest in bitcoin or other cryptocurrencies.

- The criterion of business people is to keep a neutral attitude and support the opinions of favor for their development, and the government is a direct factor that can help millionaires, they will certainly express a consensus with the government but respectively, bitcoin also supports their investment, helping them to double their income. Sometimes it doesn't stop at this level either and their neutrality is friendly to government rule but proceed to invest in bitcoin in the back, millionaires and rich people only talk about benefits, no hate here

[fuguebtc]

They are traditional investors. they are not tech savvy.
Bitcoin has high volatility.
Bitcoin is decentralized, perhaps they don't want to share their wealth with people they can't control them.

[TOM Bb]

The rich have their own solidified channels to make money. They are still rich without Bitcoin, and they are even afraid that Bitcoin will grab their share of the money-making field. Of course, Bitcoin also needs rich people with knowledge of encryption technology to participate. According to the current situation, most people do not have such a consensus.

[Liamttw]

They can't be ignorant of Bitcoin. The reason they hate Bitcoin is because Bitcoin is a decentralized cryptocurrency that is not controlled by the government, and their projects are controlled and supported by the government. Profits, if investing in Bitcoin is fair and just for everyone, they can't get high profits from it, so they will insist on profitable ones and hate Bitcoin.

[andriarto]

at this point in their view bitcoin seems heavy to be used according to its original function as a currency. Moreover, they think it will be difficult if the government leaves the centralized system, which can be controlled. In other words, bitcoin doesn't seem to have a real function in life, so they think bitcoin is risky for their investment, although not all rich people think like that

[Sithara007]

The rich have their own solidified channels to make money. They are still rich without Bitcoin, and they are even afraid that Bitcoin will grab their share of the money-making field. Of course, Bitcoin also needs rich people with knowledge of encryption technology to participate. According to the current situation, most people do not have such a consensus.

This is definitely one of the reasons. If Bitcoin presents itself as a good option for investment, then I am afraid that very few would opt for other investment options such as stock market. This will in turn affect the already existing billionaires badly, since most of their assets will be in the form of stocks. And then there is the issue with jealousy. People like Warren Buffet, who spent 5 decades of his life to get rich can't come to terms with kids in their 20s becoming billionaires in just a couple of years, from their investment with cryptocurrencies.