Topic: Why do many mainstream economists always oppose Bitcoin? - page 2. (Read 1126 times)

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.

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.

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

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.

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

Yes, in many cases, the position of economists is consistent with the government's interests. Bitcoin is essentially a kind of weakening of government power. Naturally, many economists stand on the opposite side of Bitcoin. However, I believe that as the global consensus of Bitcoin becomes stronger and stronger, a group of new economists based on human digital civilization will gradually emerge, and they will support Bitcoin. It will help Bitcoin to enter the main stage of human civilization.

I once saw the point of view of an economist who said that blockchain technology is good, but people who use blockchain to conduct illegal activities are not.Until now, there are still some economists who cannot agree with Bitcoin. They believe that virtual currency has no intrinsic value. They believe that Bitcoin cannot deduce its intrinsic value based on market value, but Bitcoin economics is fundamentally different from traditional economics. It does not need other conditions to support it. People need Bitcoin, rely on Bitcoin, and believe in Bitcoin. This is the source of its value.
Perhaps few people who oppose Bitcoin really understand Bitcoin and do not feel its beauty.

Or maybe they are truly investing in crypto that is why they are opposing to make the market continue falling so they can buy the cheapest they can get?
imagine that these economist are always seeking for money and crypto currency is the best source of money specially in our time now that electronic money is making the best option , most importantly now that pandemic is around so cashless is what will make people safer.

Yes, everything is possible. Many people use the media to manipulate the market. They slander Bitcoin and cause panic in the market. In the process, people who are not determined will choose to sell Bitcoin. And these people will take the opportunity to buy Bitcoin at a low price.

many people also see bitcoin as a threat, and not suitable for use by governments on a large scale. until a lot of negative news about bitcoin was created, we can see that after 2017, where bitcoin was in an extreme crash, many people thought bitcoin without a clear mission, and was just a money game, so many people left it

sometimes I think, people who vilify bitcoin also invest covertly, it's just their trick to get a low price, when the public starts to get excited and influenced, it slowly brings up good news so the price pumps again, and profit for them... well this is just my imagination
whatever it is actually I don't really care, as long as this can give me the opportunity to earn money then I will use it well. Everything has a risk, if you don't want to take it, it will be difficult for us to grow. experience is the best teacher, if we lose then consider it a cost for learning, and after that we have to evaluate it so we don't get caught up in the same mistakes.

Today's recognized economists, whose opinions we can hear today, were educated in the old days, which even theoretically did not allow the possibility of such digital money, especially decentralized and not issued by governments. Therefore, of course, they cannot give an objective assessment of the events taking place in the global financial market. It is necessary to change the current generation of economists, only then will we be able to hear completely different reasoning. Everything has its time.

 

 Becuz they are funded by current system, wallstreet and bankers hold the strings, control the media and even politicians.

 if they dont defend currennt system, they wont be paid and seen at tv or centre of other big media.

I think I am alright with asset being legalized, what I don't like is the orthodox, that means that we can't evolve because we can't or the fundamentals don't let us think outside the box. I think the reason that some of this people hate on bitcoin is probably they think that they are preventing people from losing their money because they thought that anything that you can't hold physically is a type of scam, although not all of them are looking out for people, some just don't believe in it or actively antagonizes it.

Your answer is great. Many times, older people have solidified their thinking, and they don't want to make too many changes to the world. On the contrary, young people can more easily accept new knowledge. At the same time, they hope to use new knowledge to change their own destiny and achieve stratification. Today Bitcoin brings hope to the straddle of young people. Therefore, more young people love Bitcoin.

Many economists were probably educated to believe that the government/central banks control money and only government money is legal and viable. The economics they know has entirely to do with the machinations of governments and central banks, so talking about money outside of these institutions doesn't even make sense to them. Bitcoin is an entirely new sort of monetary asset that doesn't fit into this structure so they simply dismiss it. Perhaps if Bitcoin came out when they were first learning economics they would have been thrilled by it, but they were educated in the pre-decentralized era and simply don't see it fitting into the world they were taught about.

Most people are most creative and most able to understand new things when they are younger, and as they get older and their era of learning a field becomes distant past for them, they are unable to accept new breakthroughs or ideas even in their own field. This is why it is people in their 20s and 30s that usually do the most important groundbreaking work for humanity and build upon the most important new ideas, because people get "set in their ways" the older you get. That's why every generation the old look down at the young like they are crazy and the young look down at the old like they are out of touch.

For example, even take an absolute absurd god-level creative genius like Einstein, he blew the world away in his 20s and 30s with Special Relativity and General Relativity as well as a few other things. In his 40s Quantum Mechanics grew into a full fledged field, and while he continued to accomplish some things in physics, he spent most of his last 3 decades fighting against quantum mechanics because he was already past his most creative years and so his mind couldn't accept this radically different reality. If instead of focusing on coming up with a Field Theory to replace quantum mechanics, if he could have continued using his immense creative powers to work on quantum mechanics maybe he would have discovered breakthroughs in that years before those discoveries happened.

People become more rigid in their thought patterns as they age, and often can't recognize the power of new ideas even when they are considered experts in the field and should be able to pick up these new ideas the easiest. Thus is the case with many economists and Bitcoin. This also shows why Bitcoin became popular with people in their 20s and 30s first, people who were still just learning about finance and investing and had grown up with technology so a purely technological solution to money wasn't so alien to them.

Investors, orthodox economists always believe that an asset must be legalized and secured. Meanwhile, bitcoin has not yet reached, the risk of bitcoin investment is still high because of the volatility, they fear past bubble bursts. That scenario has changed, bitcoin is the only craze right now. While the delicacies of mainstream economists are real estate, securities, ... are standing on the edge of the abyss. I'm not sure if they've changed this mindset?
While institutional investors have been more progressive and confident when choosing to invest in bitcoin and crypto, they are the opposite. I very much hope that the conservatism of these mainstream economists will end soon.

Yes, the prosperity and development of Bitcoin has become the trend of the times, and no force can stop it. No matter what economists say that Bitcoin is not good, Bitcoin is proving its unique advantages to the people. Bitcoin has truly liberated the minds of ordinary people. It has not only allowed us to gain freedom of wealth, but also freedom of thought, allowing us to gain true freedom and equality.

it's true as you said, they did everything possible to bring down bitcoin, and make people no longer believe in bitcoin, actually they hate bitcoin because they have lost, in the competition, because bitcoin has reached a high level,, but whatever their way to dropped bitcoin and scared the public, but in the end their efforts failed miserably, and yielded no results..

Good explanation @shasha80. The economists' opposition to bitcoin usage are a little high as per the current picture because they aren’t that much comfortable with it. This can change in the future as the upcoming economist generation is under the modern era.