Why some millionaires hate Bitcoin?

[Desmong]

We are not interested if they hate Bitcoin or not cause since it's a great opportunity to invest in Bitcoin and other cryptocurrency, then who cares if they are against it. Ignorant and stiffness will always make some rich people to despise the truth following their own thoughts only not minding any circumstances that could ensued.

 I still believe they have the money and what it would take to promote the existence of Bitcoin so that everyone will benefit from the great opportunity Bitcoin has to offer but most will still ignore it as scam.

[Abiky]

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.

Millionaires are usually selfish, so they don't want anyone else (especially noobs or amateurs) to become like them within such a short amount of time. Crypto has certainly made some millionaires, thanks to the astronomical increase in market prices since its inception. It becomes hard to ignore Bitcoin as a serious long-term investment as since its price only goes higher over time. Some millionaires know Bitcoin's potential, so they invest in it secretly even if they spread negative comments about it in public.

What matters here is that Bitcoin remains decentralized and censorship-resistant so that people can enjoy truly sound money outside the scope of banks and governments worldwide. Bitcoin will remain resilient regardless of what wealthy people like Warren Buffet and Donald Trump say against it. The new generation (millennials) will embrace Bitcoin, paving the way for long-term prosperity. We'll be seeing more millionaires in the future, as Bitcoin soars towards new All-time-highs. Just my opinion

[clint25n]

bitcoin is very attractive to many enthusiasts.which makes.millionaires so amazed by what the crypto business is doing, because bitcoin is like a crypto gold that cannot be understood.by everyone, especially some millionaires who will certainly.think how someone makes.money from bitcoin Of course, everyone also wonders.how bitcoin works.that's why they hate crypto so much because they don't understand the business, so there.is a negative.opinion,about bitcoin.

[NicNacCoin]

Some Rich people don't like and believe cryptocurrencies because they don't have enough knowledge about Bitcoin and they don't focus themselves in to public. Donald trump and warren brafet two the gentle Man don't like Bitcoin because they always say Bitcoin a decentralized..

[RILWAN]

Some millionaires that hate bitcoin don’t understand what Bitcoin stands for, most of them are afraid of losing their money because of so many scams associated with online transactions.

[blockman]

Some millionaires that hate bitcoin don’t understand what Bitcoin stands for, most of them are afraid of losing their money because of so many scams associated with online transactions.

They are naming it as a scam because they don't understand it. But some of them even understand bitcoin, they don't want to get on in because they think that it's only associated with scams and crimes. This is an old belief that has changed over time.
The mainstream has adopted bitcoin and they surely know that a country has adopted it as a legal tender, they have gained knowledge through news and that's what they know about bitcoin. They're just not sure if it's a good investment until now but they'll understand that it is and when they do, they probably have missed already the trend for buying it cheap.

[StanleyBoyle]

There are indeed many rich people who reject digital currency because it is a virtual asset for them, and they prefer something that can be seen in their hands. There will also be many people because they don’t understand and other people’s explanations don’t understand, because their inherent business can also make a lot of money, and they are good at doing it. Not everyone can become Buffett's thinking and investment logic, not to mention that Buffett is not interested in Bitcoin.

[Unibiker]

Most of it is just lack of knowledge imo. Every new technology has its haters. If you look back a few years ago, many many bankers were saying it was a scam and a ponzi or whatever, but now they are all investing their hedge funds into crypto and have held back criticism after buying in. Honestly seems to me like they are talking down about crypto just to lower the price to get better buy ins. In the end, rich people love making more money, and crypto is just one more way to do that, so why would they avoid it unless they just don't understand that yet.

[rokon1234]

Many individuals and organizations are now self-sufficient because of bitcoin.Because of this, rich people think that one day they too will become rich.I think that's why rich people have started hating bitcoin.

[Lorence.xD]

~

Indeed, they are more engaged  with something that they are seeing in physical, more on the actual thing and  not

just by specualtions, those rich people who builds empires of businesses are not easily convinced that digital assets

will achieved more supports especially if everything are more relying with specualtions.

The problem with their coldness towards bitcoin is that bitcoin is built on a platform that was rife of scam and it's not like bitcoin was a pure thing because back then it was used by scammers and other malicious people so that impression might really have made them not consider bitcoin. Bitcoin doesn't need this people, they will come to bitcoin when bitcoin finally proves itself to this people.

[Caldear]

Bitcoin is valuable to people, they can achieve wealth freedom through Bitcoin. But some millionaires don't want to see others become rich through Bitcoin. Bitcoin is decentralized, not regulated by the government, and its characteristics make it impossible for them to control wealth. This way they can't make a profit, which is not good for them, and they will hate Bitcoin.

[TopTort777]

This hate can be caused by fact that some people have worked hard their entire life, while others simply bought right asset at right time. I think that they are just jealous that other found simple and quickest way to get rich.

[Xinarae*]

The reason some millionaires hate bitcoin is because they have no knowledge of bitcoin and cannot use it properly. Greed later invests without knowing anything about the market my research on bitcoin has convinced me that it can not only hedge against long term inflation but also act as a short term investment due to higher volatility. Successful traders are those who learn to analyze the market keep the market informed and keep trying different strategies choose a platform that provides you with a built in trading simulator for practice.

[Fredomago]

This hate can be caused by fact that some people have worked hard their entire life, while others simply bought right asset at right time. I think that they are just jealous that other found simple and quickest way to get rich.

yeah right! that's also  a good point there. Those rich people believes that getting a fortune should come from your hard work, unlike with Bitcoin where if you bought it or mine it 10 years ago and keep everything till now, the fortune that you gained is far higher than those who creates businesses and established it that takes them more years before enjoying their success.

Jealous from those lucky peps who made it and changed their lives after investing to Bitcoin. 

[imstillthebest]

This hate can be caused by fact that some people have worked hard their entire life, while others simply bought right asset at right time. I think that they are just jealous that other found simple and quickest way to get rich.

it take years before btc grow like this and investing in the early days is not easy .
btc investors do also put an effort to get what they have now . why would they be jelous but they can do the same and it was not too late yet to invest in bitcoins .

[jinneas]

They are the winners of traditional financial orders. For their own interests, they will try their best to safeguard the financial system supported by the government. Bitcoin is decentralized, not controlled by institutions, and can be traded arbitrarily on a global scale. It makes people free. Bitcoin brings people high profits and can enable people to achieve wealth freedom. Those rich men don’t want investors to profit from Bitcoin, and they don’t want others to become rich through Bitcoin.

[samsul1234]

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?

hello sir, I think the reason they hate bitcoin is that most of the speculation is very high, and the rich people are not sure about the benefits that bitcoin gives because they know that very high speculation will not stabilize the price and they are not interested in crypto because of the dangers very high speculation itself

[Betwrong]

~ Some millionaires know Bitcoin's potential, so they invest in it secretly even if they spread negative comments about it in public.
~

That makes sense. If you know that BTC will rise in the future anyway, you spread negative news and opinions among your followers(it's especially effective when there are many of them) to lower the price. Why buy expensive if you can buy cheap? Then once it's cheap - you buy and wait. It can take couple of years, but we all know what will happen eventually.

What matters here is that Bitcoin remains decentralized and censorship-resistant so that people can enjoy truly sound money outside the scope of banks and governments worldwide. Bitcoin will remain resilient regardless of what wealthy people like Warren Buffet and Donald Trump say against it. The new generation (millennials) will embrace Bitcoin, paving the way for long-term prosperity. We'll be seeing more millionaires in the future, as Bitcoin soars towards new All-time-highs. Just my opinion

I absolutely agree with you. Moreover, since COVID-19 has advanced the world's understanding of new technologies(it's been discussed in another thread here), tens of millions older people have now joined the game. I bet many of them will embrace Bitcoin too.

[TopTort777]

This hate can be caused by fact that some people have worked hard their entire life, while others simply bought right asset at right time. I think that they are just jealous that other found simple and quickest way to get rich.

it take years before btc grow like this and investing in the early days is not easy .
btc investors do also put an effort to get what they have now . why would they be jelous but they can do the same and it was not too late yet to invest in bitcoins .

What kind of effort BTC investors put? Buy from a newbie miner in 2014, wait for 4 years and multiply your investment 66 times?
How a regular millionaire looks like? A guy who worked tens years to develop business. They don't just buy, sit and wait. Look at Forbes billionaire list. None of them sit on their asses and wait till their company and capital grow by itself. They are jealous that other got everything more easy. They are jealous that someone believed and crypto and they not.

[germsite]

The reason some millionaires hate bitcoin is because they have no knowledge of bitcoin and cannot use it properly. Greed later invests without knowing anything about the market my research on bitcoin has convinced me that it can not only hedge against long term inflation but also act as a short term investment due to higher volatility. Successful traders are those who learn to analyze the market keep the market informed and keep trying different strategies choose a platform that provides you with a built in trading simulator for practice.

Their main reason is that they are simply invested in another assets class. Asset classes compete with each other for peoples' money. If you have a lot of real estate, do you want people to put their money in gold? And if you have a lot of gold, do you want people to put their money in stocks? You get the idea, and when it comes to Warren Buffet it becomes very obvious why he doesn't like Bitcoin. A lot of people, specifically from the younger generations (and even more and more from the older generations) have a choice these days. Namely, do they put their money into stocks (which Buffet holds) or do they try something new and go for Bitcoin? They didn't have this choice a couple of years ago.