Some Fiat Financial advisors are such hypocrites when it comes to Bitcoin

[Kakmakr]

It has been a while now that I have been watching (FIAT) financial advisors on television being guests on talk shows or Breakfast shows talking down at Bitcoin, whenever they get a chance. This morning another so-called financial expert was invited to a breakfast show and he smashed Bitcoin as an investment option.

Now let's get behind the real reason for this :

1. Those so-called financial advisors (brokers) gets paid a fee to manage other people's money. Why would they promote Bitcoin investment, if people do not need them to trade Bitcoin?

2. They get commission on the financial products that are being sold to their customers. (They get nothing if you buy your own BTC)

3. People do not need "expert" knowledge to invest in Bitcoin. You go to computer... navigate to a local Crypto exchange... open an account online and link the account to your Bank account. Then you wait for the price to drop and you buy some bitcoins.  

4. They are also butt hurt, because Crypto currencies are not regulated to protect them.

5. The percentage that you invest in Bitcoin or Crypto currencies..are not available for them to invest in their investment options.

So, next time when you see those financial advisors on TV bad mouthing Bitcoin, think of the things I mentioned above.

A balanced portfolio should have a mix between "low" / "medium" / "high" risk investments.... and Bitcoin will fall within the "High" risk investment category .... so do not tell people to avoid it, because you cannot make money from them making their own investments.  

https://cointelegraph.com/news/at-8-990-000-gains-bitcoin-dwarfs-all-other-investments-this-decade

“It’s the best-performing asset of the last decade for sure,” said Daniel Polotsky, CEO of CoinFlip, one of the largest bitcoin ATM companies in the U.S.

Say you got into the game when a bitcoin was 10 cents, around October 2010. If you invested $100, you’d have been able to buy about 1,000 bitcoins. <=== $29 610 000 worth at today's value. What will you say in 12 years from now?

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So, next time when you see those financial advisors on TV bad mouthing Bitcoin, think of the things I mentioned above.

I do not think members of the forum would be much bothered about such talk shows or rants, neither are they the target audience. Such naysayers usually target individuals who are not savvy on Bitcoin and who have become so into the traditional system and playing it extremely safe (even though that poses risks).

And I'm not too bothered about such talks; I have a weird opinion that it might actually be good for those who listen to it; If one would blindly believe a TV guest without doing their own research then maybe they should not be into Bitcoin at all, as they would sell out at the slightest bear threat and blame whoever may have introduced them to it for their ruin.

[Henrobakkara]

Well, this is not a surprise. Even within the same industry like Banking or Telecom, people of a particular institution will tell you their institute is better than the other because they want you to invest in theirs even while they are all providing the same or similar service. At the end of the day, whatever these guys say might not have any further negative effect on Bitcoin cos investors understands more and we don't expect them to praise Bitcoin in the first place.    

[cabron]

So, next time when you see those financial advisors on TV bad mouthing Bitcoin, think of the things I mentioned above.

I do not think members of the forum would be much bothered about such talk shows or rants, neither are they the target audience. Such naysayers usually target individuals who are not savvy on Bitcoin and who have become so into the traditional system and playing it extremely safe (even though that poses risks).

And I'm not too bothered about such talks; I have a weird opinion that it might actually be good for those who listen to it; If one would blindly believe a TV guest without doing their own research then maybe they should not be into Bitcoin at all, as they would sell out at the slightest bear threat and blame whoever may have introduced them to it for their ruin.

We are used already to these kind of people. Even the guys who already are into BTC, them who already bought BTC and encourage people to buy BTC still have some bad motive to BTC like Kevin Oleary who seem to have branded Green Bitcoin is good and if mined using the coal or fossil fuel its a Bad Bitcoin because it wasted energy. If the likes of him does bad mouth BTC, all the more to those fiat guys.

Terrible idea that they wanna tag BTC that is being mined from China. This is what the Davos guys are framing.

[Kakmakr]

So, next time when you see those financial advisors on TV bad mouthing Bitcoin, think of the things I mentioned above.

I do not think members of the forum would be much bothered about such talk shows or rants, neither are they the target audience. Such naysayers usually target individuals who are not savvy on Bitcoin and who have become so into the traditional system and playing it extremely safe (even though that poses risks).

And I'm not too bothered about such talks; I have a weird opinion that it might actually be good for those who listen to it; If one would blindly believe a TV guest without doing their own research then maybe they should not be into Bitcoin at all, as they would sell out at the slightest bear threat and blame whoever may have introduced them to it for their ruin.

We are used already to these kind of people. Even the guys who already are into BTC, them who already bought BTC and encourage people to buy BTC still have some bad motive to BTC like Kevin Oleary who seem to have branded Green Bitcoin is good and if mined using the coal or fossil fuel its a Bad Bitcoin because it wasted energy. If the likes of him does bad mouth BTC, all the more to those fiat guys.

Terrible idea that they wanna tag BTC that is being mined from China. This is what the Davos guys are framing.

Let me not even start with how the so-called experts at Davos are picking it apart. ==> https://fortune.com/2022/05/24/crypto-davos-kristalina-georgieva-christine-lagarde-francois-villeroy-de-galhau-sethaput-suthiwartnarueput/

The collapse of the stablecoin TerraUSD did not help Bitcoin's cause... because they are using that as "red" flag to motivate the FUD that they are spreading.

Most of those people come from the Banking system and the government, so they are anti-Bitcoin from the start... they have to protect the hand that feeds them and they have to have control over the "money" that people use. 

[pooya87]

Say you got into the game when a bitcoin was 10 cents, around October 2010. If you invested $100, you’d have been able to buy about 1,000 bitcoins. <=== $29 610 000 worth at today's value. What will you say in 12 years from now?

FWIW this is a false statement because you aren't taking the risk into account. In early days people who saw bitcoin were faced with a very experimental currency that might not have lived to see past a birthday or two. So anybody buying it back then would have been taking a much bigger risk that anybody buying it today that bitcoin is 13 years old, has a strong network, is adopted in multiple countries as a legitimate currency and a legal tender in a country or two.
In other words calling bitcoin a "high risk investment" now is silly in my opinion.

[South Park]

Well, this is not a surprise. Even within the same industry like Banking or Telecom, people of a particular institution will tell you their institute is better than the other because they want you to invest in theirs even while they are all providing the same or similar service. At the end of the day, whatever these guys say might not have any further negative effect on Bitcoin cos investors understands more and we don't expect them to praise Bitcoin in the first place.    

I remember watching a few of those shows years ago and what they are doing against bitcoin is what they would do against any competitor, if you talk to a real estate agent about their opinion of stocks they will tell you they are too risky and that real estate always goes up in value, while a stock broker will say the opposite, basically they are just trying to gain a customer and nothing more, so it does not surprise they say the same about bitcoin.

[Yaunfitda]

So, next time when you see those financial advisors on TV bad mouthing Bitcoin, think of the things I mentioned above.

I do not think members of the forum would be much bothered about such talk shows or rants, neither are they the target audience. Such naysayers usually target individuals who are not savvy on Bitcoin and who have become so into the traditional system and playing it extremely safe (even though that poses risks).

And I'm not too bothered about such talks; I have a weird opinion that it might actually be good for those who listen to it; If one would blindly believe a TV guest without doing their own research then maybe they should not be into Bitcoin at all, as they would sell out at the slightest bear threat and blame whoever may have introduced them to it for their ruin.

Maybe there could be some, specially newbies in crypto market. Bitcoin is now being covered by traditional social media like CNBC, and so if those beginners see that the host or the guest are attacking bitcoin, they might experienced some qualms about their investment. Nevertheless, they will have to experience this negative sentiments and learn how to channel it in a positive way by just laughing at in and then buying some during dips.

[Lucius]

I don’t know why someone gets upset when they hear or see that someone has a negative opinion about Bitcoin? Whether it's just ignorance or someone being paid to say negative things doesn't matter at all as long as we can check if something is true or not without blindly believing anyone.

3. People do not need "expert" knowledge to invest in Bitcoin. You go to computer... navigate to a local Crypto exchange... open an account online and link the account to your Bank account. Then you wait for the price to drop and you buy some bitcoins. 

It seems so simple, but is it really so?

- Does one average potential investor know the difference between Bitcoin (BTC) and various clones also called BitcoinXXX? People buy what's cheaper, and they often buy altcoin, and it's even worse when they send that same altcoin to the wrong coin address - so have someone explain to them how to fix it...

- In case someone still buys BTC on their local crypto exchange, will they keep it there or move it to a non-custodial wallet - do they know what an on-chain fee is and what a service fee is?

- People who approach the Bitcoin investment without knowing exactly what they are getting into are very likely to fall victim to scams, hacks or sell at a loss in moments like the ones that happened recently.

[PrivacyG]

FWIW this is a false statement because you aren't taking the risk into account. In early days people who saw bitcoin were faced with a very experimental currency that might not have lived to see past a birthday or two. So anybody buying it back then would have been taking a much bigger risk that anybody buying it today that bitcoin is 13 years old, has a strong network, is adopted in multiple countries as a legitimate currency and a legal tender in a country or two.

Plus, how many of the 2010 Bitcoin holders held their Bitcoin up until today without ever selling?  Think of the risks of investing and going through the 2015 crash.  Then the 2017 - 2018 one.  I imagine more than half of them were gone by 2015's crash and the larger part of the wallets that have not moved since 2010 up until today are either lost wallets, the owner died, they forgot the password or location of their coins or finally, the holder had hands and balls of steel to simply hold which I can not imagine happening in real life.  I doubt any of us would be emotionally capable of going from $100 to almost $30,000,000 without ever selling.

-
Regards,
PrivacyG

[so98nn]

You do realise that they are on the talk show and which means they are either there to increase their own resume columns, get paid, have nice free coffee and stuff?

Today’s world is all about what you see, listen and believe in. For me Warren does not matter but Elon does because I’m in crypto and I would always follow person who has same faith and whose developing this side of ecosystem.

In similar fashion, I wouldn’t care what talk show expert says! If someone’s talking positive about crypto on talk show then I’m fan, because that’s what I want to believe.

[Kakmakr]

Say you got into the game when a bitcoin was 10 cents, around October 2010. If you invested $100, you’d have been able to buy about 1,000 bitcoins. <=== $29 610 000 worth at today's value. What will you say in 12 years from now?

FWIW this is a false statement because you aren't taking the risk into account. In early days people who saw bitcoin were faced with a very experimental currency that might not have lived to see past a birthday or two. So anybody buying it back then would have been taking a much bigger risk that anybody buying it today that bitcoin is 13 years old, has a strong network, is adopted in multiple countries as a legitimate currency and a legal tender in a country or two.
In other words calling bitcoin a "high risk investment" now is silly in my opinion.

Well, I bought some bitcoins back in 2013 for something like $700.... so I made a massive profit on it and it did not break my Bank.    How many people will not have tried to spend $100 on something with a high risk... if I dropped a lot more into it, when it was still highly controversial to buy it. 

Even if you bought at $1000 / $2000 / $5000..... it would have given you a massive profit... if you had the balls to hold onto it.  I also think...calling Bitcoin a high risk investment... is not silly at all. In my opinion it is still in it's experimental phase, because we do not know if the tx fees will be enough to sustain the mining... when the Block reward fall away. 

I will label it as a high risk short-term investment ....or a medium risk long-term investment. 

[kryptqnick]

I don't watch TV, so I didn't know it was a thing (and I don't think it is a thing in my country on TV, actually). I do agree with the op that it sounds like they are undermining Bitcoin just because they feel threatened by it and feel like it's in their best interest to scare potential clients away from something volatile and something they can invest in on their own. That's why it's great when TV shows mention cryptos in a positive or at least neutral way, to sort of balance the negativity of the talk shows.

[Wexnident]

It's kind of like how people who get paid to advertise stuff really. You don't exactly say the negative stuff upfront to the viewers, that'd defeat the whole point of you advertising it. It's either you praise the product/service to the heavens or put down other similar or compared products/services to hell. It's nothing new, always been a part of shows like these.

And in the first place, I don't even watch TV anymore. It's been forever since I've even touched a TV, let alone watch on it.

[Welsh]

I've got the point where as soon as someone on TV starts talking about Bitcoin, I roll my eyes, and just turn it off. They rarely have anything of substance to say. Usually, the same regurgitated crap that everyone else says.

You're right though, they have bias for speaking that way.

3. People do not need "expert" knowledge to invest in Bitcoin. You go to computer... navigate to a local Crypto exchange... open an account online and link the account to your Bank account. Then you wait for the price to drop and you buy some bitcoins.  

So, while I do agree with most of your points. This is where I don't agree, while buying Bitcoin might seem easy from a user that has been doing it over several years. You present the idea to a person of the general public, and they wouldn't have a clue. I still have people around me asking whether you can buy real things with it...that's how misinformed the public are. That isn't of any fault of their own, the news has pushed this idea that Bitcoin is rather worthless, and limited, which at the beginning could have been somewhat true, though times have definitely changed.

Anyway, the reason I disagree with this somewhat is; basically as soon as you buy Bitcoin you're effectively your own bank. So, if you wish to hold a large amount of Bitcoin you do need to be security conscious, and hopefully have some knowledge about it. Now, this isn't common knowledge. Securing money is something we've relied on banks for years, and years. We don't need to have any knowledge to rely on these, since they do all the security work for you. Whereas, that isn't the case with Bitcoin. Obviously, users like you, and I might see the lack of a third party as beneficial, but not everyone will due to the lack of belief or knowledge they have.

Effectively, to be able to purchase Bitcoin, and secure it properly you need to learn about common security practices i.e strong passwords etc, isolation be it physical or virtual, and the drawbacks of that. Plus, social engineering prevention, securing credentials, and/or wallets physically.

There's a ton of work including learning the software that Bitcoin relies on i.e Bitcoin wallets. This is much more than just linking up your bank account, and buying some Bitcoin. That suggests that the person is leaving their Bitcoin on the exchange, which is definitely not recommended as we all know.

Fiat as become somewhat easy to use over the years, Bitcoin has a long way to come, and probably won't ever be as simple as fiat, due to the fact you cut out the third parties which do much of the work for you.

[hugeblack]

It is a mistake to look at the past and think that in 10 years you will get the same result or a result similar to what happened in the past because the rate of increase will not be the same, meaning investing $100 today will not achieve the same return that it was 10 years ago.
The good side of Bitcoin is that it is still in the beginning, so if the demand continues to grow, betting on it in the long term is much better than betting on paper money or gold.

As an investment, it is better to avoid any investment that you do not understand, no matter what the return on this investment is.
If you do not understand how to manage your private key or protect your money, there is no point in buying Bitcoin.

As for listening to the advice of these locals, do not take it from an emotional side, but rather think and do your own research, meaning listen to everyone, think and conclude for yourself.

[ChiBitCTy]

As a financial advisor I can speak to this topic and for the most part I would agree with you. The reason I became a financial advisor is because I wanted to truly help people out and make a difference in their lives, regardless of my bottom line. A lot of financial advisors are truly like this, same way they are with owning precious metals, they want you to buy PM equities instead of physical metals because they don’t get paid on it..but not all are like this. Also the regulation part does not scare us.

[dataispower]

It' is not surprising because every person will like to protect the interest of were is benefiting. If you are protecting or promoting fiat currency op, and you are receiving much from the work, you will never condemn the interest of fiat but Bitcoin. Now some of us have study bitcoin and invested in bitcoin very well, and nothing will make us to value fiat more than bitcoin, rather bitcoin will be recognized and values until the person's eternity. I financial advice is kind of financial promoters so whatever they said, is of the detriment of their business and their own. When cryptocurrency person also call for invitation, it will do same thing to promote Bitcoin and condemn fiat

[pawanjain]

May be the owners of the TV show willingly invite those people who are against bitcoin at first place.
May be those speakers are being paid by other bitcoin haters to speak against bitcoin.
It can literally be anything but the only thing we should be concerned about is that we should highlight why bitcoin is so valuable.
The power of owning your money and using it on a peer to peer network is very fascinating and I think this is why people will eventually start using bitcoin across the globe.

[Hydrogen]

(FIAT) financial advisors on television being guests on talk shows or Breakfast shows talking down at Bitcoin, whenever they get a chance.

Financial advisors are only allowed to voice opinions that are pre screened and approved by the broadcast network and affiliates.

The coordination and appearance of a "unified front" might make that apparent via logical deduction.

People aren't prone towards having the same opinion and views on topics as controversial as abortion, cryptocurrencies, gun laws or bitcoin.

If everyone on TV says the same thing, the probability of their views being screened and controlled are decent.

This is a great example of the need for independent media which is less prone towards conflicts of interest.

Anonymous bloggers can be more honest and reliable in contrast to most major media sources.

Most professional journalists I have seen in recent times are so bad at what they do, its shocking to me that anyone listens to anything they say.