Why some millionaires hate Bitcoin?

[iTradeChips]

It is relative simple really if you come think of some reason why they don't like it, and why they do not want to participate in it. Technology is something these people do not understand and they do not want to participate into something they do not understand or something they intentionally do not want to engage with . These people literally ignores Bitcoin and they deliberately do their part in talking trash on Bitcoin.

[Bollexz1]

To my little understanding, I think some of the wealthy people hate bitcoin basically because it helps the poor people to get easily rich to the standard of meeting them at their caliber.

[Aeris28]

2. Donald Trump clearly said that Bitcoin is a risk to the USD

I haven't heard this, may be I was late or something, but can someone explain me what's the risk does he mean? I don't understand, I think bitcoin is yeah like the others having positive and negative sides, usd too, so If saying bitcoin is too risky especially for usd, I don't think so

[peter0425]

many millionaires find themselves guilty . because in the past they hate bitcoin and deny the idea of profiteering and now that the value strikes high?
they cried many tears not to invest on this.
i have a friend who's a millionaire that denied me years ago when i tried convincing him to invest here , but now? he is the one whos asking me to teach him strategies on how to manage increasing his profits here.

[Coral1025]

 The reason they don't like cryptocurrencies is simple: it threatens them. The advent of cryptocurrencies gives a lot of people an opportunity, but along with that opportunity comes a threat to a lot of people

[breathlessz]

many millionaires find themselves guilty . because in the past they hate bitcoin and deny the idea of profiteering and now that the value strikes high?
they cried many tears not to invest on this.
i have a friend who's a millionaire that denied me years ago when i tried convincing him to invest here , but now? he is the one whos asking me to teach him strategies on how to manage increasing his profits here.

we also can't blame them, in the past maybe many people didn't believe it because there was no legal certainty about its legalization, so security was doubted. On the other hand, everyone's understanding of the development of the era is also different, so they will regret it when they don't do it as soon as possible in the past

[sirminesalot]

To my little understanding, I think some of the wealthy people hate bitcoin basically because it helps the poor people to get easily rich to the standard of meeting them at their caliber.

This could be the reason because usually an old millionaires earned their wealth through ups and down in decades but there are some young millionaires flexing their sport cars on social media because of cryptocurrency or bitcoin.
But i think the millionaires who hate bitcoins is in fear that their old business model no longer work well if the world is changing into decentralized based when people are using bitcoin or cryptocurrency.

[Fredomago]

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

Most of those Millionaires have businesses which attached with the institutional financial system, with how they enjoy the current system it will be hard for them to switch and embrace a new idea of payment process. It will take time before these people will convince that there's a good potential for this system. They always look for long term and for them, Bitcoin still has a high risk.

Maybe some already acknowledge the benefits and in behind already have engagements, but for most of them they are still looking for more profit that Bitcoin will stay for long, doubts continue inside them knowing that innovation continues to grow in each venue of technology.

[A891756]

The main reason according to my point of view,
Cryptocurrency has no backing entity, and no certainty. It isn’t even very easily predicted since it isn’t tied to real world assets. Money and investors like predictability. Something new is not going to be a popular investment, and likely will take decades to develop a reliable enough track record to become a traditional investment.

[guydin]

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 are some conservative people who believe only in traditional finance instruments such as gold, stocks, bonds. They don't want to try anything new and more risky, they are afraid of risks. Personally I don't agree with such approach, as crypto is much more profitable than stock market or any other and if you learn this market and develop your skills, it will yield profit.

[finaleshot2016]

Simple answer. They're privileged and think that it's not needed because, in the current economy, they have the ability to control the market, they're the whales of the current economic system. With cryptocurrency, having a decentralized market, we can freely do what we want and earn money by investing and that's a great opportunity for us and rich people hate it because the investments here in crypto are just small compared to their investments in businesses. They just want to be in control and want to take advantage of all of things while being rich, that's how they think right now. Look what happened to Elon, a rich person who entered crypto just because he wants to gain more and now that he gained a lot and more popularity, he created a fud in bitcoin.

[Amejoaquim]

I think it's because bitcoin is a relatively new concept that they have a difficult time wrapping their heads around. Plus the growth of bitcoin/crypto has been something that they have never really seen anywhere else in their lives/careers.

[Rockstarguy]

Millionaires hate Bitcoin because they haven't make a try to invest in Bitcoin to see how Bitcoin works and it's opportunity and they think they have it all no need to go into what they aren't sure of.

[Dhaniii]

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.

I agree with Mr.sprin, bitcoin does not depend on the government because bitcoin is not the creation of the government. The government has its own reasons for not supporting bitcoin, including falling local or fiat currency prices, reducing interest in other investments such as gold, oil and so on. The shift of investors from institutional to blockchain could bring down the companies they previously invested in.

[v3liana]

IMO the reason why millionaires hate bitcoin because they typically use fiat to make more fiat, introducing a crypto currency accepted globally undermines their purchasing power by taking away their fiat demand.

[BaeSuzy]

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?

As I understand it Warren Buffet probably "dislike" crypto currency as he "dislike" investing in gold. These investments are zero sum games, they don't create value. The rise in value of crypto currency and gold is just the result of offer and demand competition and may vanish in a snap the next day. It's just an investment policy.

[Abiky]

Simple answer. They're privileged and think that it's not needed because, in the current economy, they have the ability to control the market, they're the whales of the current economic system. With cryptocurrency, having a decentralized market, we can freely do what we want and earn money by investing and that's a great opportunity for us and rich people hate it because the investments here in crypto are just small compared to their investments in businesses. They just want to be in control and want to take advantage of all of things while being rich, that's how they think right now. Look what happened to Elon, a rich person who entered crypto just because he wants to gain more and now that he gained a lot and more popularity, he created a fud in bitcoin.

They're simply "jealous" about Bitcoin, because it's making young people millionaires at a fast pace. The gains with Bitcoin are a lot higher than Fiat. Most millionaires are quite fond of the current monetary system empowered by central banks and governments alike, so it's quite normal to see them against Bitcoin. What matters is not what a few wealthy people think about Bitcoin, but rather what the majority thinks about it.

Regardless of the criticism thrown against Bitcoin, the cryptocurrency is still standing strong with a loyal community backing it every step of the way. Decentralization and censorship-resistant will ensure Bitcoin will last a lifetime. This is what matters above all else. Only those who invest into Bitcoin early will be able to reap the benefits in the future. Just my opinion

[Sanitough]

IMO the reason why millionaires hate bitcoin because they typically use fiat to make more fiat, introducing a crypto currency accepted globally undermines their purchasing power by taking away their fiat demand.

But not all millionaires hate bitcoin, maybe those who are not really into new technology, those who are using a conventional way of investing, or those who do not innovate, it's okay mate, some people hate and some people love bitcoin, what matters is bitcoin is successful already.

[zaesvlas]

As for me, everything is trite. After all, many were able to get rich just on this. And in the end, someone is simply angry that he earned money by honest and hard work, and someone quickly and without problems.

[indo1]

The existence of bitcoin may be the biggest rival of their business. However, they may also be in a comfort zone with their business. So they panicked when the arrival of new financial technology. Sooner or later they will definitely try to accept it.