Some rich person not interest about bitcoin for following reason

Victorik

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Quote from: Don Pedro Dinero on November 15, 2023, 10:19:21 AM

If he is already rich enough, he may not need bitcoin, although I find your argument too simplistic and I would like to know your friend's level of 'rich'. Do you know approximately how much wealth he has?

Anyway, it is a bad idea to try to change people's minds on financial matters.

I do not agree totally with this assertion that he is already rich that's why he doesn't want.to invest in Bitcoin.
If I may ask, is Elon musk not rich, or did he make his money from Bitcoin? The obvious answer is no! There are many rich people who are still holding Bitcoin.

So, I don't want to believe that he isn't investing because he is already rich. I think this person has personal reasons why, probably he doesn't have faith in it and don't believe in it.

HajiBagi

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Quote from: Don Pedro Dinero on November 15, 2023, 10:19:21 AM

If he is already rich enough, he may not need bitcoin, although I find your argument too simplistic and I would like to know your friend's level of 'rich'. Do you know approximately how much wealth he has?

Anyway, it is a bad idea to try to change people's minds on financial matters.

You're right, buddy, trying to influence people's opinions about money is a bad idea, not to mention extremely dangerous. Rather than confusing someone about money matters, I will mind my own business because some people don't want to lose their money. Whether they are wealthy or not, I will never advise someone to invest in bitcoin. As for the friend's lack of interest in the cryptocurrency, I think it's a good idea because I don't know what he sees that makes him that way, and rich people don't even deserve to be advised to do so.

I said that the wealthy don't deserve to invest because a large number of them will not view your advice as sound, believing instead that you are trying to scam them. Wealthy individuals are extremely self-centered and always see the bright side of anything that comes from those who are not as wealthy as they are. I don't know about others, but I don't think it is appropriate to advise the wealthy.

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Quote from: nurilham on November 19, 2023, 03:55:25 PM

Quote from: barisbilgili on November 19, 2023, 12:53:30 PM

Everyone has different desires in investing and there are some people who don't like investing in Bitcoin and this will not have the slightest effect on people who already like Bitcoin and they can understand well about Bitcoin and how they can profit from investing and trading on Bitcoin so they really like it and those who don't like it maybe they don't understand Bitcoin well and also maybe they have found a way to make money in another way which they think is easier.

If there are people who dislike to invest in Bitcoin, I believe they don't know well about Bitcoin. They only heard Bitcoin is high risk investment with a big volatility. They probably know that Bitcoin is illegal thing in many countries in the world. If those people know Bitcoin is very potential for future asset which probably increases multiple times and it has a clear cycle every 4 years, they should be interested to invest in Bitcoin. It is quite unfortunate that there are many people who know Bitcoin from the negative side only, even worse they know it from bad sources.

The simple fact that bitcoin has a very high volatility is enough to scare off many people. Not everyone is the same, there are people who prefer not to invest (in general, not only bitcoin or cryptocurrencies) because they can't stand the fact the the price fluctuates so if they buy something at $10 and it goes down to $9 they tend to sell because, in their mind, the price will keep falling forever. Not everyone is supposed to invest.

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While Bitcoin has garnered attention for its potential as a transformative financial asset, it's worth noting that not all wealthy individuals are enthusiastic about embracing this cryptocurrency. Several reasons contribute to the reluctance of some affluent individuals to invest in or adopt Bitcoin into their financial portfolios. And also Bitcoin's notorious price volatility is a significant deterrent for risk-averse investors. Many wealthy individuals, particularly those with substantial assets, prioritize wealth preservation and are wary of exposing their portfolios to the high volatility inherent in the cryptocurrency market. The potential for significant price fluctuations can be seen as a speculative risk that doesn't align with their wealth preservation goals.

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

The fact that a fewer amount of people are currently holding Bitcoin in large quantities doesn't concern the effect the technology and the currency is having in the world. If she decides to get in on it or not still doesn't change anything also, if her considerations are bothered on that, let me ask, how many trillion dollars are currently in circulation and how many people are holding large amounts of it?

The answer to this does not in anyway make you stay out of working to earn it or investing to make loads of it. If she sees it from this standpoint then things will be a whole lot easier.

Mr. Magkaisa

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

- If there are other rich people who don't like Bitcoin, that's fine, because in the first place, they are not a loss to us, and we are not a loss to them either. Then that's another rich man; even without Bitcoin, he can still do what they want, that's all.

It's like that in this industry: there are believers and unbelievers; we can't survive if we only have positives; there must be some negatives to balance everything. But it also does not mean that a rich person should believe the same as poor people.

syedakhlaque

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As far as I am concerned, during the time of the fathers, a rich person does not have the spirit of hard work and struggle. He is relaxed and easygoing. But compared to this, a person from an middle class or poor family has a lot of passion to work, struggle and move forward. His life has a mission and purpose. He wants to do something in the world.
Bitcoin had great attraction for middle class and poor person including students and old age person. Bitcoin is the coin and it is the name of hard work, struggle ,study and concentration. So a serious person who knows its worth and potential will join it.

TelolettOm

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Quote from: Boomber on November 24, 2023, 06:02:02 PM

rich people will not be interested in Bitcoin, because they are already rich and prefer to invest their money safely, so of course not many rich people are interested to investing in Bitcoin, but people who want to be rich, will definitely invest in Bitcoin, because investing in Bitcoin has the opportunity to become rich, therefore there are still many people who want to be rich will definitely take the risk of investing in Bitcoin, because only Bitcoin can make us rich even though the risk is also very high.

Yes, we could say that most of them are more interested in investing in real goods or in shares of companies that are already big. They usually prefer things that carry low risk compared to high risk. Their calculations are quite large for this.

However, that doesn't mean all rich people think that way. because many people have started to open their eyes and minds about cryptocurrency. Even though it may not be that big, even if they have started investing in Bitcoin for some reason, at least this can open their horizons.

BTW, when we talk about this there are probably many people who don't like Bitcoin. Remember, a hater will still hate Bitcoin for whatever reason.

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Quote from: Boomber on November 24, 2023, 06:02:02 PM

Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

rich people will not be interested in Bitcoin, because they are already rich and prefer to invest their money safely, so of course not many rich people are interested to investing in Bitcoin, but people who want to be rich, will definitely invest in Bitcoin, because investing in Bitcoin has the opportunity to become rich, therefore there are still many people who want to be rich will definitely take the risk of investing in Bitcoin, because only Bitcoin can make us rich even though the risk is also very high.

Agreed, people who are already rich doesn't want more money to enjoy life. For people who are in the middle class struggle hard to enjoy the next level of life. Even in the cryptocurrency industry it is possible to see quite few numbers of rich people, whereas the majority belongs to the middle class who keep on learning and innovating things to make themselves better in life. When one doesn't want money, they'll never think of it. This is why most of the rich continue their traditional investment and doesn't focus on cryptocurrency.

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

rich people will not be interested in Bitcoin, because they are already rich and prefer to invest their money safely, so of course not many rich people are interested to investing in Bitcoin, but people who want to be rich, will definitely invest in Bitcoin, because investing in Bitcoin has the opportunity to become rich, therefore there are still many people who want to be rich will definitely take the risk of investing in Bitcoin, because only Bitcoin can make us rich even though the risk is also very high.

nurilham

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Quote from: barisbilgili on November 19, 2023, 12:53:30 PM

Everyone has different desires in investing and there are some people who don't like investing in Bitcoin and this will not have the slightest effect on people who already like Bitcoin and they can understand well about Bitcoin and how they can profit from investing and trading on Bitcoin so they really like it and those who don't like it maybe they don't understand Bitcoin well and also maybe they have found a way to make money in another way which they think is easier.

If there are people who dislike to invest in Bitcoin, I believe they don't know well about Bitcoin. They only heard Bitcoin is high risk investment with a big volatility. They probably know that Bitcoin is illegal thing in many countries in the world. If those people know Bitcoin is very potential for future asset which probably increases multiple times and it has a clear cycle every 4 years, they should be interested to invest in Bitcoin. It is quite unfortunate that there are many people who know Bitcoin from the negative side only, even worse they know it from bad sources.

wiss19

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Let him be and don't force him or try to convince him that Bitcoin is good and it isn't or can't be controlled by a single person or entity unless they acquire a very large percentage of the total supply which is not the case and I don't think it will happen because that will require a lot of money for a single entity to acquire that many Bitcoins. So, if someone thinks that Bitcoin is controlled by the people who hold a large amount of it, they lack basic knowledge about it.

I don't say that the market is free of manipulations, a financial market will surely have some manipulations, but just because some rich or influential people hold a large amount of the total supply of a certain asset, which isn't large enough to be used for manipulation, it doesn't make that asset bad or untrustworthy.

barisbilgili

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Quote from: TakeItEasy on November 18, 2023, 12:47:32 PM

Then he would not be even interesting in trading, because he would think that only the bitcoin is holding by these people they can sell it at any time, then same in the case with other coins if Solana is hold by some of its team members or its owners then would you think that we are not going to trade because because may be its owner sell all the Solana and we may be in loss?
This is just the thinking of an individual, anyway we can't stop investing in the bitcoin just by not having proper knowledge about the trading and not having a way open up for trading in any coin.

Everyone has different desires in investing and there are some people who don't like investing in Bitcoin and this will not have the slightest effect on people who already like Bitcoin and they can understand well about Bitcoin and how they can profit from investing and trading on Bitcoin so they really like it and those who don't like it maybe they don't understand Bitcoin well and also maybe they have found a way to make money in another way which they think is easier.

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Quote from: Xal0lex on November 15, 2023, 10:25:06 AM

If he doesn't see the point, he probably has enough of the wealth he has. He is happy without bitcoin. I agree with the previous opinion, there is no need to impose your opinion in financial matters. You could lose a friend.

He may see the point, but judging by OP’s post, he fears that the bitcoin will depreciate, because a large number of bitcoin are owned by a narrow circle of people. Here it seems more like his friend's fear for the future of his wealth if it were invested in the bitcoin.

Bitcoin is not a tool that makes you happy.

Even for rich people, this can be useful just for preserving wealth. Because with wealth there are 2 biggest problems: how to accumulate wealth and how to save it. If poor people use bitcoin to solve the 1st problem, then rich people can use it to solve the 2nd problem.

Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

If he is not interested, then leave your friend alone. His finances are his problem.

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Quote from: Suzume on November 18, 2023, 10:11:39 AM

In our country many person don't aware with Bitcoin. Because crypto currency is legal in our country. That's the reason people don't show interest in it without knowing about it. Those who work in crypto they come here with their dedication and knowledge. But those who are rich they don't know and because of it's illegality no one take risk to help ant teach someone. That's the reason in our country rich men are not interested.

Although that is one of the common reasons people give, I don't think it's the only reason people don't get involved in bitcoin, especially because countries don't legalize it. I am one of the people who lives in a country that legalizes bitcoin or crypto as an investment asset and our country is quite strict regarding transaction tools using bitcoin and even the sanction we will receive is prison if we carry out transactions using bitcoin. But for me personally, I see bitcoin as a solution amidst the current economic chaos, so buying bitcoin is one way to maintain the value of the currency we have.

Limited knowledge prevents some people from getting involved in bitcoin and they don't know the power of bitcoin in investing. As I see, our country has quite a big growth in bitcoin in particular and there are many people who are currently quite interested in taking the opportunity to learn to invest in bitcoin.

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Quote from: Mauser on November 19, 2023, 09:16:49 AM

Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

I can understand your friend and his reservation towards Bitcoin. Back in the days you could aquire a large amount of bitcoins very cheaply and quickly. These so called whales have a huge power over the bitcoin market and influence price considerably. However, this is not really something new, in the stock market there are huge investment managers and hedge funds than hold large parts of companies and can influence the prices heavily too. If someone like Warren Buffet decides to buy or a sell a company this is going to send the price flying. In my opinion this is not necessarily a bad thing, just because a few rich people own large parts of bitcoin doesn't mean that they want to push the price down. Long term the whales are interested in high prices as they can sell some of their coins and make huge profits. A low bitcoin price doesn't help the whales and price manipulation are not going to last forever.

Similar to stocks, Bitcoin's 'whales' have considerable power. However, their desire to maintain or increase Bitcoin's value is clear. Why? Simple: self-interest. Whales, like smart investors in any market, maximize rewards. They profit from high Bitcoin prices for sell-offs.

Think about it: Decentralization and blockchain technology make Bitcoin transactions transparent. Bitcoin transactions are public, unlike traditional markets where significant players' moves are hidden. Price manipulation exists, but only temporarily. Bitcoin has grown over time, often recovering from market manipulations.

Supporting Bitcoin means recognizing a transformational financial ecosystem that evolves and matures like any other market. Whale presence? The game frequently favors long-term strategy over short-term gains.

Mauser

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

I can understand your friend and his reservation towards Bitcoin. Back in the days you could aquire a large amount of bitcoins very cheaply and quickly. These so called whales have a huge power over the bitcoin market and influence price considerably. However, this is not really something new, in the stock market there are huge investment managers and hedge funds than hold large parts of companies and can influence the prices heavily too. If someone like Warren Buffet decides to buy or a sell a company this is going to send the price flying. In my opinion this is not necessarily a bad thing, just because a few rich people own large parts of bitcoin doesn't mean that they want to push the price down. Long term the whales are interested in high prices as they can sell some of their coins and make huge profits. A low bitcoin price doesn't help the whales and price manipulation are not going to last forever.

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Quote from: SAHASAN on November 15, 2023, 10:07:25 AM

A friend of mine is not interested in buying Bitcoin even after learning about it.
Because according to him Bitcoin is a small number of people who have a lot of Bitcoin. They can easily go down on the bitcoin market if they want to.
Example: Cz. Craig wright & Michel Sailor etc.

Looking forward to the well thought out opinion of the experienced in this regard.

Then he would not be even interesting in trading, because he would think that only the bitcoin is holding by these people they can sell it at any time, then same in the case with other coins if Solana is hold by some of its team members or its owners then would you think that we are not going to trade because because may be its owner sell all the Solana and we may be in loss?
This is just the thinking of an individual, anyway we can't stop investing in the bitcoin just by not having proper knowledge about the trading and not having a way open up for trading in any coin.

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In our country many person don't aware with Bitcoin. Because crypto currency is legal in our country. That's the reason people don't show interest in it without knowing about it. Those who work in crypto they come here with their dedication and knowledge. But those who are rich they don't know and because of it's illegality no one take risk to help ant teach someone. That's the reason in our country rich men are not interested.

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In this case, you should not force your friend to invest in BTC, and you must respect his decision, and don't let your relationship with your friend be damaged. but I also don't know how rich your friend is, but surely your friend has reasons that make your friend ultimately not want to invest in BTC, but I also don't know whether your friend is learning about BTC optimally or not.

Investing in BTC is very risky, so not everyone wants to get involved with BTC, but for some people, many people see positive things about BTC, which is why many invest in BTC.

But in my opinion, BTC is only for people who are ready for the risks BTC poses. and I also invested in BTC because I wanted not to be left behind and I always have a positive view of BTC, and have also benefited from investing in BTC.

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