Why do many mainstream economists always oppose Bitcoin?

[psychic fans]

Not many, only some.
And the media is only reporting what gets them the more attention. At times like this when price has not made any major moves for more than 2 months the negative articles will get the most amount of attention so obviously they keep quoting those who have said something negative about bitcoin. In a couple of months ago when price was rising consistently every week the exact opposite was true as they published anything that was positive.

Why are these people positive or negative about bitcoin? In my experience it is almost always out of self interest.

Economists oppose Bitcoin for a very important reason. Economists understand the concepts of blockchain and cryptocurrency, but they just have a different world view. Many economists are participants in the monetary policy of sovereign countries and are employed by the government. This is what you say for profit. But the economic policies of mainstream economics have seemed feasible in recent decades, but they are still doomed to fail in the long run. The increasing debt fueled by loose monetary policy is simply unsustainable, because either the debt will not be paid off or the purchasing power of fiat currency will disappear.

There are also some economists who look at this issue objectively

As Dylan LeClair put it succinctly, "Mathematically speaking, there is no way to escape the current economic environment."

[arwin100]

Because they are afraid of changes, because in this case they will have to adapt to completely new conditions.

It sounds as simple as possible, but I also adhere to this point of view. Although, financiers are far from stupid people.

Many doesn't want to take new risk and always go to what they know that's why we see them oppose because they don't know on what's really happening also on what it can possibly offer to its user. But if they study how good bitcoin is for sure they will tell that bitcoin is good option in profitability also with as currency to use. For now since this is new to them maybe we should let them discover how big the potential of bitcoin is since for sure they will adopt it if the bitcoin demand will soar high more.

[breathlessz]

Because they are afraid of changes, because in this case they will have to adapt to completely new conditions.

It sounds as simple as possible, but I also adhere to this point of view. Although, financiers are far from stupid people.

Many doesn't want to take new risk and always go to what they know that's why we see them oppose because they don't know on what's really happening also on what it can possibly offer to its user. But if they study how good bitcoin is for sure they will tell that bitcoin is good option in profitability also with as currency to use. For now since this is new to them maybe we should let them discover how big the potential of bitcoin is since for sure they will adopt it if the bitcoin demand will soar high more.

to change the economic order, especially with the opposite characteristics, is not easy, especially in the blink of an eye. therefore we should also understand from the government's point of view, because they think about the country as a whole, not just a group of people although there are also officials who abuse it for bad activities

[mrongos]

why are so many mainstream economists always against bitcoin?? I don't think there are many mainstream economists who are anti-bitcoin, I think only a handful of people hate bitcoin, it's just that the media is exaggerating too much, because we know the media wants to seek popularity, and want to increase their income.

[ven7net]

With the increasing influence of Bitcoin in the world, more and more people are supporting and approving Bitcoin. Few mainstream media can directly say that Bitcoin is a scam. However, there are still many opinions saying that Bitcoin is a bubble, and this bubble will eventually burst. Many mainstream economists hold this view. They always oppose Bitcoin for different reasons. Economists are scholars who study economics. They have knowledge and social status far beyond ordinary people. Logically speaking, they should be more able to see the value contained in Bitcoin. Why are some economists always opposed to Bitcoin?

In my opinion, this is determined by the interests they represent. Many economists currently do not live independently. They need to depend on the government to survive. They need to help the government formulate various economic policies, financial policies, and monetary policies, so their starting point and interests must represent the government's will and interests. Therefore, in their world, the status of legal tender must be the most important and correct. On the contrary, they have forgotten the demands of the people and the interests of the people. Bitcoin stands on the side of the people, allowing the people to obtain their own asset freedom, and naturally stands on the opposite side of some economists.

This is my point of view, what do you think of this?

Yes, you are right, economists are against BTC as they are an element of another financial system, namely the dollar one. And in more detail, economists are part of the banking system, and BTC is part of the digital one, and at the moment there is a struggle for power between them, at least in the United States. This is why we can observe such a behavior of economists and others towards BTC and the entire crypto industry.

[Dhoe]

many mainstream economists are always against bitcoin, in my estimation, not many are against bitcoin, I think only the media exaggerates such negative news, only people like warren buffett say Bitcoin has no unique value at all,
Warren Buffett dislikes Bitcoin because he considers it an unproductive asset.

[lixer]

In my opinion, this is determined by the interests they represent. Many economists currently do not live independently. They need to depend on the government to survive. They need to help the government formulate various economic policies, financial policies, and monetary policies, so their starting point and interests must represent the government's will and interests. Therefore, in their world, the status of legal tender must be the most important and correct. On the contrary, they have forgotten the demands of the people and the interests of the people. Bitcoin stands on the side of the people, allowing the people to obtain their own asset freedom, and naturally stands on the opposite side of some economists.

Because that’s not what they were thought. Economists see things differently, and the reason why some of them oppose Bitcoin is because they can’t see where the value is coming. They believe that since whatever value we are seeing there is there because someone says so, then it’s not real. They want it to have somewhere that the value is attached to, and not just a value that is there because people says so.

It makes them to feel that Bitcoin is scam. If you look at Bitcoin the value that we have now is there because of trust; the more we invest in it the more the value grows. So, most of them can’t come to agree with this. That’s what I feel is making a lot of them to believe in Bitcoin being legit. But, that shouldn’t be a problem for us since it is not meant for everyone.

[RainbowKun]

In my opinion, this is determined by the interests they represent. Many economists currently do not live independently. They need to depend on the government to survive. They need to help the government formulate various economic policies, financial policies, and monetary policies, so their starting point and interests must represent the government's will and interests. Therefore, in their world, the status of legal tender must be the most important and correct. On the contrary, they have forgotten the demands of the people and the interests of the people. Bitcoin stands on the side of the people, allowing the people to obtain their own asset freedom, and naturally stands on the opposite side of some economists.

Because that’s not what they were thought. Economists see things differently, and the reason why some of them oppose Bitcoin is because they can’t see where the value is coming. They believe that since whatever value we are seeing there is there because someone says so, then it’s not real. They want it to have somewhere that the value is attached to, and not just a value that is there because people says so.

It makes them to feel that Bitcoin is scam. If you look at Bitcoin the value that we have now is there because of trust; the more we invest in it the more the value grows. So, most of them can’t come to agree with this. That’s what I feel is making a lot of them to believe in Bitcoin being legit. But, that shouldn’t be a problem for us since it is not meant for everyone.

Yes, you sum it up very well. Many economists can't see the value of Bitcoin. Let's not talk about the position they represent. The most basic thing is because they don't understand the source of Bitcoin's value. The source of Bitcoin's value is based on trust, based on the trust of more and more people in Bitcoin. They are willing to store their wealth in the form of Bitcoin.

[Desyationer]

Because they didn't buy bitcoins until 2017

[KTYforce]

One of the biggest employer of mainstream economists are central banks. Their potential employer is the one that will be out of a job if crypto takes off -- of course economists will be against Bitcoin.

[MKings]

The economy that many economists understand is the economy they derived from theory, but digital cryptocurrency is a new type of theory. These economists may not have time to fully understand what this digital cryptocurrency is, but some Economists simply and crudely define it as a scam, which I think is inappropriate.
There are also many who even understand Bitcoin, they represent the government. They cannot express their love for Bitcoin, but can only look for the shortcomings of Bitcoin.

[Kiley33]

The main job of mainstream economists is to study how to manage and protect existing systems. Even if they are optimistic about Bitcoin, they will not praise Bitcoin.
There are not a few well-known scholars who are optimistic about Bitcoin, but most of them belong to the Austrian school and believe in the free market and free economy.
The main difference between the two factions is their view of the country. Liberal supporters who believe in Bitcoin believe that the government is an oppressive force and hope that its power will be constrained.
Andreas Antonopoulos once said that comparing Bitcoin to traditional currencies is like comparing meteors to dinosaurs. There is no competition between the two-everything is just a matter of time.

[realcrypto]

Surprisingly the so called professional economist have been calling bitcoin a bubble and bitcoin it still proofing them wrong for over ten years now. They should review their professionalism, maybe bitcoin analysis is out of their scope. Bitcoin existence will never be affected by mainstream economist perception about bitcoin and their news.

[RainbowKun]

With the increasing influence of Bitcoin in the world, more and more people are supporting and approving Bitcoin. Few mainstream media can directly say that Bitcoin is a scam. However, there are still many opinions saying that Bitcoin is a bubble, and this bubble will eventually burst. Many mainstream economists hold this view. They always oppose Bitcoin for different reasons. Economists are scholars who study economics. They have knowledge and social status far beyond ordinary people. Logically speaking, they should be more able to see the value contained in Bitcoin. Why are some economists always opposed to Bitcoin?

In my opinion, this is determined by the interests they represent. Many economists currently do not live independently. They need to depend on the government to survive. They need to help the government formulate various economic policies, financial policies, and monetary policies, so their starting point and interests must represent the government's will and interests. Therefore, in their world, the status of legal tender must be the most important and correct. On the contrary, they have forgotten the demands of the people and the interests of the people. Bitcoin stands on the side of the people, allowing the people to obtain their own asset freedom, and naturally stands on the opposite side of some economists.

This is my point of view, what do you think of this?

Yes, you are right, economists are against BTC as they are an element of another financial system, namely the dollar one. And in more detail, economists are part of the banking system, and BTC is part of the digital one, and at the moment there is a struggle for power between them, at least in the United States. This is why we can observe such a behavior of economists and others towards BTC and the entire crypto industry.

Yes, there are currently two financial systems. One is the existing US dollar-centric world monetary system, and it is also a group of vested interests. Most economists belong to this system. Another system is the booming Bitcoin currency system, which is a brand new currency system based on mathematical algorithms. It is a decentralized currency system. The new system is now revolutionizing the old system. In the process, it will definitely be suppressed by the old system.

[blckhawk]

well because bitcoin is a very unorthodox type of investment, and for the past few years the price of bitcoin has been slowly getting bigger and bigger, this alarms the economists because bitcoin does not depend on the stock market and it is intangible thus making it hard to believe that bitcoin will be a safe investment for the people.

[Farma]

well because bitcoin is a very unorthodox type of investment, and for the past few years the price of bitcoin has been slowly getting bigger and bigger, this alarms the economists because bitcoin does not depend on the stock market and it is intangible thus making it hard to believe that bitcoin will be a safe investment for the people.

besides, another reason is because the development of bitcoin is feared to make the economy unstable. Many people think that bitcoin will replace fiat someday. while bitcoin is not centralized. so, it will be challenged by the economy in general. in fact, some countries have made regulations banning bitcoin as a currency because it makes fiat endangered, tax problems, and creates some resistance in other economic systems, especially for large countries and corporations.

[Amejoaquim]

They do not yet understand the Bitcoin proposition. They think that its "just a currency based on belief of value". They do not see the bigger picture. Simply put, they are talking out of their asses. Mansplaining.

[Wildwest]

Economists view bitcoin still negatively because they have not fully delved into the development of bitcoin which until now is very high in value, and economists still see the legal status of bitcoin so they still consider bitcoin a bubble that will eventually disappear, and I am sure later economists will believe bitcoin is a digital currency that is worthy of full support from the government for the benefit of the country in increasing its income. Because of this, in the future the development of bitcoin will continue and they will certainly consider.

[Assface16678]

Its been 10 years and Economist cant even explain how a non tangible asset kept on growing. The hate comes with their prediction and their study but they are proved to be wrong. I think they need to study about crypto in order to give a definite answer and the hate will be replace with knowledge about crypto/btc

[slaman29]

Its been 10 years and Economist cant even explain how a non tangible asset kept on growing. The hate comes with their prediction and their study but they are proved to be wrong. I think they need to study about crypto in order to give a definite answer and the hate will be replace with knowledge about crypto/btc

The economist has an agenda. And they have a strict line. So you can't blame them for taking the side of the people who are financing the magazine and publication.

Just like you cannot expect Bitcoin.com or any other Bitcoin-related crypto media to suddenly start talking nicely about centralized finance and banking.

Bitcoin people are also predicting fiat and bank collapse since years and it doesn't look like happening anytime soon.