Why some millionaires hate Bitcoin?

[cryptocurrencyboss]

Interestingly while some millionaires hate BTC, some are very much excited about BTC. If you can't decide what to do, take a bag of popcorn and be a spectator. Personally I think technology aversity is the main reason of hating BTC.

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[Mahanton]

Millionaires already made millions out of different businesses. So, they have a thinking there is no need of such an innovation called bitcoin. There is also ego in this, because there are lucky people who have invested big on bitcoin and other cryptocurrencies. This has made them to be millionaires within few years time.

I've seen stock analysts who used to say don't invest on cryptocurrency, but on deep analysis I understood it is also a play. Because cryptocurrency provides way for common men turn rich in a short time and the same isn't possible with stock investment in a short.

We can say most millionaires are skeptical of Bitcoin, because it's fairly new to the mainstream world. As time goes by, the crypto/Blockchain space will mature enough until it brings the confidence of wealthy people. Regulating the crypto market will surely bring some sense of security to big investors and traders alike. Right now we have Elon Musk and Mark Cuban in the game. But there will be more to come as Bitcoin increases in popularity worldwide. Those who invest into Bitcoin now, will see the benefits in the long term.

Nonetheless, it doesn't matter who hates or who loves Bitcoin. What really matters is decentralization. As long as Bitcoin remains a decentralized cryptocurrency, it will stand the test of time. Just my thoughts

They wont really become millionaires if they arent really that good on investment and its true that they would really be that skeptical when it comes to crypto investment specially with Bitcoin.
It is just a decade old and i cant really blame them for them to be hesitant or have doubts when it comes to this.For sure they would really be studying into something which might really poke
up their interest so its up to them whether they do love to jump in or would really stay up to be neutral or rather be hateful on bitcoins existence.

[zhangzhe1988316]

Some people like everything and some people hate it. In 2017, I bought 5 bitcoins at a price of 4,000 US dollars. Now I sell them at a price of 60,000 US dollars. I went from a girl with nothing to a rich man. People, and some people buy when the price is 60,000 US dollars, and then when the price drops to 30,000 US dollars, then there is a different result at this time

[Melody kdl]

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?

There is a saying, if you invest in a field you don’t understand, you will definitely lose your money. These rich people understand this truth. They don’t have the initiative in the encryption field, only passive, and their investment is likely to suffer a sickle.  And they have no way to protect their wealth!

[WontRegret]

Perhaps those billionaires believed they knew everything, especially about investment. They definitely don't like it since BTC is so volatile. On the contrary, several early BTC bagholders have gone on to become millionaires. They think of bitcoin as a way to invest in conventional and antique items. Despite the fact that cryptography is comparable, it is not the same. It is not incorrect that they have such a difficult situation. Those that despise Bitcoin do so for a variety of reasons. The most reasonable answer, in my opinion, is that the money they obtain has nothing to do with Crypto; they are quite content with what they have.

[Cindella]

There is a greater risk of Bitcoin price instability. They cannot control Bitcoin, nor can they quickly obtain huge profits from it, or even suffer economic losses. They prefer government-supported and profitable projects.

[lelahenderson]

Billionaires are of the view that bitcoins or any other cryptocurrencies are an unproductive asset and don't have a ‘real’ value. I don’t really agree with their thoughts. I think that they aren’t ready to take the risks of incurring losses and that’s why they go for the safest mode of earning which has less chances of giving losses.

[andeluna]

They hate bitcoin because they dont really understand the real potential of crypto currency therefore they are more focus on their businesses and no time to understand to study crypto currency. We all know that its not easy to understand and to study how the blockchain works and for me thats the reason why some other millionaires not really hate but they dont have idea what it is.

[Reatim]

They hate bitcoin because they dont really understand the real potential of crypto currency therefore they are more focus on their businesses and no time to understand to study crypto currency. We all know that its not easy to understand and to study how the blockchain works and for me thats the reason why some other millionaires not really hate but they dont have idea what it is.

They hate bitcoin not because they don't understand this instead they don't like the idea of Volatile market but decentralized .
they like business and investment that Government can take part and this is what we really hate 

But eventually ? like what happening now that there are millionaires and Billionaires that entering our market in good faith.

meaning their understanding and support are indeed coming towards crypto now against banking system.

[Wawa2013]

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?

There is a saying, if you invest in a field you don’t understand, you will definitely lose your money. These rich people understand this truth. They don’t have the initiative in the encryption field, only passive, and their investment is likely to suffer a sickle.  And they have no way to protect their wealth!

You are right the millionaire who hates Bitcoin because they don't understand how the crypto world works, and because they are already rich,
so they feel no need to learn new things. It's their right to hate Bitcoin, because we can't get everyone in the world to like Bitcoin. There will
definitely be people who hate  Bitcoin, even though there is plenty of evidence that Bitcoin can make a lot of money. That doesn't make some
millionaires accept Bitcoin. We don't need to worry about that, because not all rich people hate Bitcoin.

[pragna]

Actually they are in fear of BTC. But when we saw the 2T+ market cap in this platform, we can not reject the crypto platform. Basically acceptance and rejection will be go side by side and we have to wait for long term as we are small investor. Those who are rejecting today's BTC or crypto market, we have to bear in mind that they can take entry at any time in this market as they are millionaire. So Don't wait for that and go with present market.

[bakasabo]

Actually they are in fear of BTC. But when we saw the 2T+ market cap in this platform, we can not reject the crypto platform. Basically acceptance and rejection will be go side by side and we have to wait for long term as we are small investor. Those who are rejecting today's BTC or crypto market, we have to bear in mind that they can take entry at any time in this market as they are millionaire. So Don't wait for that and go with present market.

Why would they fear ? They can also invest in Bitcoin or in any other cryptocurrency and earn. Why would someone fear of getting profit? Fear is not the reason imho.

But jealousy and loosing individuality can be one of the reasons. I think it was mentioned already here, but I will repeat. Imagine you live in a neighborhood for 10 years, where everyone drives gray Toyota Prius, and you have red Ferrari 458 Italia. Then one day you wake up and see that a neighbor has parked his red Ferrari 458 Italia next to yours. First you will be impressed, but when in next few days Lamborghinis and Bugattis appears around you, you wont be that happy.

[Jawadu]

Maybe they fear because many governments still do not support Bitcoin. All governments use Gold and Fiat currencies in growing their country's economy and that is why those rich people trust Gold and Fiat currencies but not Bitcoin and other Cryptocurrencies.

[BivxiuDavi]

In general, the statements and actions of the wealthy, prestigious group are very important for the emerging Bitcoin market. Bitcoin investors who want the cryptocurrency to increase in value often wait for positive signals from this group of people. Some millionaires hate bitcoin because it is a decentralized currency and they hate things over which they cannot have full control. Another fact they hate is high volatility, It's great that such volatility brings huge profits, but it will be a big pain if the coin price drops and the investment is big. On the other hand, some of them argue that Bitcoin has essentially no real value. They make no products. There's nothing you can do with them but sell them to someone else, the world is full of people rushing and snapping, It's not that Bitcoin doesn't really work, but it's too hard for people to understand, too hard to access. , and it would take too much effort to explain to someone why Bitcoin is optimal.

[Mr.sprin]

Maybe they fear because many governments still do not support Bitcoin. All governments use Gold and Fiat currencies in growing their country's economy and that is why those rich people trust Gold and Fiat currencies but not Bitcoin and other Cryptocurrencies.

I don't agree with your opinion that the billionaire's fear of bitcoin is not because there is no support from the government, isn't bitcoin not dependent on the country, from the first bitcoin was created by satoshi nakomoto bitcoin is not accepted in any country but it is proven that bitcoin can rise without the support of the government , so the reason bitcoin is feared by billionaires is not because it is not accepted by the government.

[topitguy]

Being a millionaire in my currency, I can answer this question pretty well. So my simple answer is, the way the price of bitcoins increase and decrease there's always a remote chance that all the money I invest might get lost. I just can't trust a currency which is yet not regulated by RBI in India.
That is the only concern!

[markdario112616]

Being a millionaire in my currency, I can answer this question pretty well. So my simple answer is, the way the price of bitcoins increase and decrease there's always a remote chance that all the money I invest might get lost. I just can't trust a currency which is yet not regulated by RBI in India.
That is the only concern!

Base on your point, it seems you are not into Investments or trading. What you have said didn't tackle why millionaires hate Bitcoin.
So I'm not that quite sure, why would they hate Bitcoin? To be honest, there are a lot of rich people who invest and have their own shares of Cryptos. They may not be publicly out for it, but surely they have one. Plus, given that they can afford to have one, and can somehow evade Taxes which is somehow an advantage to them also being anonymous with it.

[proTECH77]

Those millionaires that hate bitcoin are those people who are not use to digital currency in their communities. They don't have any knowledge about decentralized currency and how they can use it to improve their investment. They are afraid base on the information they got from their government by making it ilegal in the country. Because bitcoin is not a centralized currency that is control by the government.
Bitcoin don't give any signs of dumping to it users which is the reason why many millionaires hate it. They prefer to invest with fiat money they understood very well and also know when it will increase and decrease in the market.

[nurilham]

Base on your point, it seems you are not into Investments or trading. What you have said didn't tackle why millionaires hate Bitcoin.
So I'm not that quite sure, why would they hate Bitcoin? To be honest, there are a lot of rich people who invest and have their own shares of Cryptos. They may not be publicly out for it, but surely they have one. Plus, given that they can afford to have one, and can somehow evade Taxes which is somehow an advantage to them also being anonymous with it.
[/quote]
That is right. Most rich people may not show their ownership of some Bitcoin, or they probably sometimes do certain things to make FUD and spread it to the crypto world, Then, when the price has been down, they can buy more and pump the price again with good news.
This is actually commonly done by the whales to pump and dump the price.
A millionaire will not matter losing some small money and commonly they will prefer to hold for a long term, even they are doing daily trading, they will not do it by themselves. They can use advanced trading both with AI technology that costs very high. But, it can really work very well.

Additionally, some rich people may not like Bitcoin because they feel that this is about the economy and finance in worldwide, they cannot control the money again, they cannot think again they are the richest people in the world. or they cannot control the financial systems around the world.
Moreover, it is about the world bank system, it is contrary to crypto

[Lordshiva]

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