Some folks despite the visible positive impacts of cryptocurrencies and reviews from Jack Dorsey, Elon Musk, Michael Saylor and other popular crypto advocates have refused to change their stance on it. They don't just oppose Bitcoin or other cryptocurrencies but they wish it would die. For example, Buttcoin is a reddit forum where Bitcoin is "crucified" daily. In that forum, Bitcoin has been called "a scam", "a negative sum game". Also, David Gerald who is an anti-crypto activist has publicly cleared his hatred for cryptocurrencies and blockchain technology. According to him, “I think the future of cryptocurrencies is that it will become increasingly regulated and normalised. People want regulation of this because they want to know where they stand and what they can do with this sort of thing. I think that speaking technically they are junk-quality assets. They are not backed by anything they are volatile as hell. They have a price because people will pay for them and that’s all.”
My Questions now are, Why do some people hate cryptocurrency so much? What's their back story? Did they ever lose a huge amount of money in cryptocurrency?
There is popularity to be gained in taking on a stance against anything. You could also ask why there are still people who not only don't want to get vaccinated, but who also deny that Covid-19 even exists. Do all those people really believe that Covid doesn't exist? I bet no! Some do it does not exist, but some pretend to believe it does not exist because there is popularity gained from taking on that position in public. You can often see that by the extremes those positions are about (by the way, the same applies to those who believe that the world will die without Bitcoin). Covid deniers say Bill Gates wants chips in our bodies implanted with the vaccine. Anti-immigration people claim they are afraid that whole countries get slaughtered by the immigrants. Anti-cryptocurrency guys argue that our economy will fall victim to a big fat ponzi snowball imploding and to a global horde of criminals evading taxes and financing terrorism. Anti climate-change guys argue that climate-change produced by humanity is a lie even though 99.999999% of scientists around the world agree.
There is value in taking on any of these positions and often times those people who do it publicly on a large scale like a forum also monetize their opinion in the form of sold books, merchandise and other stuff.
I think we are good to go if we keep ourselves multi-perspectively informed, strive for a balanced opinion (which is not always possible as we are all individuals with subjective perceptions and sometimes stubbornness) and even try to see whether those extreme people have something useful to say from time to time. They are not wrong 100% of the time in most cases, even though it hurts to say that!