Some rich person not interest about bitcoin for following reason - page 5.

thecodebear

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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.

Sounds like he doesn't really know much about Bitcoin. Any financial asset that acts like an investment is going to have a small number of people holding a lot of it, because a small number of people hold a lot of the wealth of the world.

And, so you are implying your friend is rich? Usually rich people are smart enough to want increase their wealth, and Bitcoin is pretty much the best way in the world to do that these days, so I'd say your friend really doesn't understand the finances whether he is rich or not.

mindrust

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Since he is rich he has the luxury to ignore bitcoin completely. Unless he does something very dumb, he will never ever be poor again so why make life more complicated than it is? He can buy anything he wants since he is rich already. He may get even richer if he invests in btc but maybe he thinks he has enough wealth or maybe he sees bitcoin as a ponzi scheme which is still a common belief among many people. Either way we can’t force people to become believers of bitcoin. There will be some people that will ignore it completely and there will be haters also. Bitcoin/crypto is not the only game in town and he probably knows it well. There are other ways to grow wealth too.

aysg76

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I wouldn't say the supply is concentrated in bitcoin case with a particular group as for Saylor he holds on a institution basis and they won't sell all the coins at once but still it's your friend personal opinion.For some profit making is concern but priority is decentralized control over your funds without any government or third party intervention if you understand Bitcoin at the core level.It was not designed to give you huge profits margins but as a alternative to the traditional fiat payments with full control but with network security as well.The supply is limited and we can't say it should be with all so it is dependent on you how you see it and not listen to others.

MarjorieZimmermanGinger

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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.

That will be the answer when people say who Bitcoin was created for. Your post is a little confusing because I can't understand what does a person who has a lot of bitcoins mean by a small number of bitcoins? When people are not interested in investing in Bitcoin even though they have learned about it the question arises, why does this happen? Isn't Bitcoin one of the best things that can maintain the value of the investments we make and Bitcoin can also provide financial freedom if invested correctly.

Now let's look at it as an individual step and whether you think bitcoin can have an impact on people who invest. Once we get this answer, there will be an answer for each of us individually because in fact there is no advantage whatsoever in refusing to accept investment in Bitcoin. Changing people's views on financial matters might be terrible but there's no harm in giving them some insight.

2Pizza410000BTC

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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 understand your friend's idea that if people who have more bitcoins sell bitcoins, the bitcoin market will go down a lot. If your friend's idea here is the opposite, the bitcoin market will be sky-high if those who own more bitcoins don't sell bitcoins. But the bottom line is that those who have more bitcoins can dump the market a bit if they want, but not much market dumping. OP I want to tell you if your friend is not interested in investing in bitcoin then never make him interested in investing in bitcoin. Especially if the bitcoin market dumps for some reason after your friend invests then you will be blamed for the rest of your life.

Smack That Ace

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Quote from: libert19 on November 15, 2023, 08:58:16 PM

He'll be interested when Bitcoin rises and makes headlines to the news, and will come to you with regret why didn't he listen to you and made purchase.

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.

Although, he's correct in his own regard, market will go down if these people or other whales were to make market sell. But, we all know it'll recover, as it did before.

If he is really rich and has a stable income then the fact that he is not interested in bitcoin is not bad or he is wrong. You should not expect that one day he will regret not investing in bitcoin, with that in mind, it is like we are ready to curse someone if they know about bitcoin but do not invest in it. Don't forget that many people around you are living richer, happier lives than you without bitcoin. Bitcoin is just one of many tools that bring us money, and people have the freedom to choose what they want.
If they invest in bitcoin then we welcome and welcome them because we are of the same mind, but if they don't like it and choose something else then that's okay, as long as they are happy with their choice.

Fundamentals Of

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Quote from: hd49728 on November 15, 2023, 08:32:21 PM

Quote from: Fundamentals Of on November 15, 2023, 08:24:27 PM

Your friend has a valid concern. There are indeed big whales in the Bitcoin market. These big whales can actually dump what they have and cause the price to fall. But your friend is probably wrong in overestimating these whales' capabilities or influence in the market.

What happens if Michael Saylor for example suddenly decides to sell all of his billions of Bitcoin? Supply would of course beat demand and the price would nosedive. But that's not going to be permanent. Sooner or later such sell pressure would weaken until it's gone. The market recovers and gets back to the previous price. There will always be buyers. Something similar has already happened in the past. Look where we are now.

Some public known whales in Bitcoin Treasuries.
https://bitcointreasuries.net/

Micro Strategy is one of Bitcoin Whales and it's unrealistic if anyone believe Saylor and Micro Strategy only buy bitcoin and they will never sell bitcoin. They buy it because it is one of their investment so investment must come to a point to take profit. They might be like Warren Buffet and Berkshire Hathaway, can hold good assets for many decades but no single selling time, it is impossible.

They must sell part of their investment to get money for business operation, for retrieve their initial capital to make sure if worst thing happens, they will still not lose their initial capital.

Yes of course. Michael Saylor doesn't promote Bitcoin because of what Bitcoin fundamentally offers in terms of decentralization and freedom from the shackles of the government and bank's role in everybody finances. He is obviously more into Bitcoin's price. The way he hoards Bitcoin speaks so much of this greedy motive than his love of the technology. I don't believe investors won't sell. If they have Bitcoin, use it as a currency, then that's realistic. But if they have Bitcoin, keep it, add more to it, keep it longer, that's not about Bitcoin itself but its price.

philipma1957

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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 so disagree with the op . I have a friend he is a retired banker. He is wealthy and he is 77.

He has well over 20 million usd. We mine in his office just for fun.

So if a 77 year old worth over 20 million usd is willing to mine and we are still trying a good property to turn into a mine the answer is wealthy people do have an interest.

boyptc

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Same old reasons from the rich folks that we've known, they're not interested until Bitcoin blows with its prices again surprising them that it's skyrocketing so fast.

Lock him up whenever he shows interest when the price of bitcoin reaches back to its former ATH or even higher than that which is more likely to be like 6 digits soon.

Quote from: libert19 on November 15, 2023, 08:58:16 PM

Although, he's correct in his own regard, market will go down if these people or other whales were to make market sell. But, we all know it'll recover, as it did before.

While the nature of Bitcoin will certainly recover quickly after that.

libert19

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He'll be interested when Bitcoin rises and makes headlines to the news, and will come to you with regret why didn't he listen to you and made purchase.

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.

Although, he's correct in his own regard, market will go down if these people or other whales were to make market sell. But, we all know it'll recover, as it did before.

hd49728

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Quote from: Fundamentals Of on November 15, 2023, 08:24:27 PM

Your friend has a valid concern. There are indeed big whales in the Bitcoin market. These big whales can actually dump what they have and cause the price to fall. But your friend is probably wrong in overestimating these whales' capabilities or influence in the market.

What happens if Michael Saylor for example suddenly decides to sell all of his billions of Bitcoin? Supply would of course beat demand and the price would nosedive. But that's not going to be permanent. Sooner or later such sell pressure would weaken until it's gone. The market recovers and gets back to the previous price. There will always be buyers. Something similar has already happened in the past. Look where we are now.

Some public known whales in Bitcoin Treasuries.
https://bitcointreasuries.net/

Micro Strategy is one of Bitcoin Whales and it's unrealistic if anyone believe Saylor and Micro Strategy only buy bitcoin and they will never sell bitcoin. They buy it because it is one of their investment so investment must come to a point to take profit. They might be like Warren Buffet and Berkshire Hathaway, can hold good assets for many decades but no single selling time, it is impossible.

They must sell part of their investment to get money for business operation, for retrieve their initial capital to make sure if worst thing happens, they will still not lose their initial capital.

Fundamentals Of

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Your friend has a valid concern. There are indeed big whales in the Bitcoin market. These big whales can actually dump what they have and cause the price to fall. But your friend is probably wrong in overestimating these whales' capabilities or influence in the market.

What happens if Michael Saylor for example suddenly decides to sell all of his billions of Bitcoin? Supply would of course beat demand and the price would nosedive. But that's not going to be permanent. Sooner or later such sell pressure would weaken until it's gone. The market recovers and gets back to the previous price. There will always be buyers. Something similar has already happened in the past. Look where we are now.

SamReomo

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If someone is not interested in buying Bitcoin even after learning about it then it's far better to let that person do whatever he/she wants to do because we can't force someone to invest in Bitcoin as it's someone own choice whether to go with Bitcoin or not.

Your friend will surely regret about his decisions during the next ATH because he will think that why he didn't invested in it. Just allow him to do whatever he likes to do, don't force him to invest in Bitcoin.

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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.

As a rich person then you would really be always having that kind of impression on which you would really be needing to deal to be one of the first or early investors on which it is really that a common behavior of someone whose rich because they wont really be that so dumb on not to be wise on taking investment as early as possible. If they have seen something
that they are already that late and seeing that only a few wallets owning big stash of coins then those kind of comments would really
be that normal.

Well, just let him be and pretty sure they would really be reconsidering it again and might be able to ask you about it later on when the price
do hits up some another all time high. People do loves to hesitate but since he's rich then he would care less.

Sarah Azhari

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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.

Your friend is just learning bitcoin on 1 side, does not cover the whole. I don't know why newbie always compare bitcoin with price even they can get more than that. Bitcoin is a new technology where they can learn everything with that such as blockchain tech behind, and how to secure your data on that. The price is just a bonus with that doesn't guarantee it will make him happy if the price rises multiple time. So if your friend learning the technology behind bitcoin, I really sure he will get more benefits than that price, and maybe he will create something bigger than that. So, if we look at the major discoveries by several ancient researchers, they don't care about profit, their goal only benefit of the people, but after that he got everything he wanted.

Assface16678

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Well, your friend does have a point, but I don't agree that only a few people hold most of the bitcoin because, based on what you can search, there are a lot of bitcoin holders. His point is that, yes, those who hold a very large amount of bitcoin can affect the price and movement of the bitcoin price; that's what we called the "whales".

Of course, your friend will have no interest in bitcoin because he already has wealth, so it's not necessary to stress himself with bitcoin, and of course he doesn't know the value of crypto currency to us, especially bitcoin, because he's already rich. That's why he said that, maybe because he has no idea about bitcoin at all, because what's the point? He already has the money and maybe is focusing on other things, like business or what, but if his wealth is inherited only, then it proves that he doesn't know the value of bitcoin at all, as for use, it is an opportunity.

Zoomic

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If I was so rich, I wouldn't have known about bitcoin or pick interest in it. I wouldn't have been in this forum also. I would definitely be importing cars and aircraft spear parts into my country. Bitcoin is not always a thing of the comfortable people. It is because I lost funds to scammers and I was finding a way to fix myself into an online earning, that is why I am here.

People who are overly rich only looks for opportunities to invest their money and such opportunities would be what they know too well and trust, that is where bitcoin does not stand much chances to compete.

n00ber

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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.

This is not strange, because you have also seen many billionaires who are not interested in bitcoin because they are rich enough and do not need to risk investing in bitcoin. That is why gold or real estate are still sought after assets and still in higher demand than bitcoin. Bitcoin is not yet an option for every investor.

Bitcoin is not the only investment that can bring wealth. I have a few real estate trader friends who have never been interested in Bitcoin and are making more money than us bitcoin investors. So there is no reason for them to risk choosing bitcoin when they are very rich. Frankly speaking, bitcoin is the choice of most people like us who want to get rich quickly with small capital. We want to become rich, want to earn hundreds of times more profit with our small capital and bitcoin is the choice. But many people will not dare to admit this, because they are afraid of embarrassment.

Vaskiy

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Most of the people into the bitcoin market were the one who want to make themselves rich. From the words of OP it is clear that his friend is already rich. When he have enough money and doesn't want to risk they'll find reasons. Apart from this, bitcoin is much preferred by the people who love technology advancement and understand well about the development taking place with time. Majority of the mined bitcoins into the hands of limited members doesn't give the control to the them. Market manipulation takes place, can't deny it. What needs to be understood is to what extent the manipulation happens.

Renampun

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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 have read your post over and over again but can't find what is actually the essence of your question here! one thing you have to understand, it will be calmer if you only take care of your own life, you may be very good to your friend but will it run smoothly in the future, let him not believe and buy bitcoin as long as you believe and buy bitcoin then you have supported bitcoin to continue to exist. Later, when the price of bitcoin has passed $100k, I'm sure your friend will really regret his distrust of bitcoin.

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