Topic: Why some millionaires hate Bitcoin? - page 11. (Read 2823 times)

with the hatred of some of these millionaires maybe this can be used as motivation for us for investors.to prove to them that bitcoin is not as bad as they think it is. for some reason maybe they hate bitcoin, one of them maybe they are afraid of being rivaled with what bitcoin has.designed with the increasing number of crypto investment enthusiasts.if they really hate bitcoin that's their right too, we just don't need to care about how much people hate the bitcoin world

Many do not understand how crypto works, but many don't have basic knowledge of technology! Mostly those people are without formal or any kind of education, and most of these people come from third world countries!

When it comes to millionaires we can make a difference between "old and new millionaires"! We can say "old ones" are the millionaires who made their money on something solid, and they believe in traditional values! "New ones" are the ones who are earning from technology and the things that come from that!

In the end, this is individual... we can't generalize and say "this or that" people like/hate Bitcoin and crypto!

I don't agree with your opinion though it is your own point of view. Millionaires are not afraid of new investments because as they know that it makes them richer than their own economic status. Millionaires will try everything that may help them to increase their wealth although it is new. Money is the first thing that they are focusing so meaning they will try to understand and study how cryptocurrency works in order for them to invest big.

I also think of this as one of the reasons why some millionares loathe bitcoin even though it provides so many benefits. I guess some wealthy people have a mindset that just want to gain and use their people on their own advantage. They love the workers dependence on them because it gives them a lot of profit. Hence, enough reason to hate bitcoin because it can be a source of financial independence as long as you are knowledgeable.

Another reason why I think the wealthy people aren't just a fan of bitcoin is that they already have much that they think it isn't really relevant and it's just a kind of scheme to scam people. They think it won't be beneficial to them, so they assume it won't be beneficial to others as well. Little did they know, bitcoin already produced and is still producing a lot of millionaires before up until the present.

It is everyone’s personal thoughts on bitcoin. I don’t think it would be right to generalise things. You go with what you believe and what works for you.

you said it right, millionaires are content with the way they understand things away from Bitcoin, they are not that interested to learn deeper since everything being set and complete.

By far, those who are willing to take time in knowing Bitcoin more closer, the potential that they've seen are good. Unlike from those who immediately assume that Bitcoin is only a bubble that any time can explode and bring damages to their investment.

different people's mindset different opinions around.

Another reason why so many of them hate this is that satoshi gave bitcoin to the world as a gift, if this technology was privately owned I still think it would have reached some level of success and banks will eventually buy it and use it for their own purposes, but satoshi gave bitcoin to the world which means that for the first time fiat currencies had competition, and not only they now have a competitor they are facing the strongest competitor they have ever faced and they do not like this one bit.

Bitcoin would forever be a wonder to many billionaires. Who think wealth should be stored in a place and you get to have what you have as long as it is properly kept. No rules whatsoever.  Bitcoin offers the opportunity of a life time. As it is allows you buy, mine, sell, hold in one word BE  INVOLVED . Bitcoin is where you earn wealth and not where you store up.

The hate posed by many billionaires comes up when they begin to feel threatened by the wealth earned by people who just merely sell, predict, mine and hold Bitcoin unlike them they who have work the work and strain their creative mind so they build an equal if not less wealth.

Bitcoin itself is the job

there are several reasons why millionaires don't want to know bitcoin, most likely the millionaire is already satisfied with his wealth, and doesn't want to be too bothered by trading crypto money
if Donald Trump hates Bitcoin because he thinks Bitcoin has the potential to damage the US dollar but it doesn't and in fact Bitcoin can be a great economic balancer for poor countries and the current pandemic

yes, I agree with your opinion, maybe also people who already have a lot of wealth, they are afraid of losing their wealth if they buy bitcoin. now they must be sorry when the price of bitcoin is getting higher and higher in value from year to year. although with bitcoin someone can get a lot of profit, but they prefer gold because they think gold has no risk. maybe they hate bitcoin, because they are afraid that more and more people will get rich like him just by investing in bitcoin.

I think it's because bitcoin is a relatively new concept that they have a difficult time wrapping their heads around. But they typically use fiat to make more fiat, introducing a crypto currency accepted globally undermines their purchasing power by taking away their fiat demand.

that's the trick of rich people, rich people play games like in drama stories, rich people also manipulate everything, in order to increase their wealth coffers, they say bitcoin scam, bitcoin ponzi even though they themselves store a lot of bitcoin, it belongs to people tactics like cheating weak, so he can collect bitcoin more freely.. hahahahaha..

Bill Gates and Warren Buffett and Elon Musk are two different kinds of people, although they are both rich. Bill Gates, we can call him "the ball guard", you see what he does with his wealth, whether it is to go to Africa to cure diseases or in the United States to enclose land to improve the soil environment, nothing but to their own power to delay or even improve the human on the earth has been on the verge of collapse of the living environment, to make the earth a better place. If you look at Elon Musk, we can call him a "ball pie", whether it's building cars or investing in Bitcoin, it's just a way for him to make money. He just wanted to amass the wealth to develop rocket technology so that he could aggressively push his plans to leave Earth and land on Mars. Musk has found that Bitcoin is the most efficient treasure bank in the history of mankind, and that by tying it to him, he can greatly advance his goal of landing on Mars, so he has put a strong stand on it. Bill Gates, on the other hand, believes that Bitcoin has no value for human beings. It can neither promote the development of science and technology nor improve the living environment of human beings. It only consumes a lot of resources, so he firmly stands on the bearish side. So they're opposites.

What they say and what they believe are two different thangs 

Millionaire never agree with bitcoin for their competitor, when bitcoin become legal transaction they loss much money because many saving money from the bank will move to cryptocurrency. Remember your money in the bank have procedure when have to withdraw and how much can or available to cash out, you can't withdraw or cash out all your money in the bank but with cryptocurrency you can do more limit than bank.

1. Some rich people are old, and old people generally don't adopt new technology because they don't understand the need for it since they've lived almost a whole lifetime without it. Or they got rich on the stock market and they can't understand why new asset classes would emerge outside of the stock market. This is your Warren Buffet type person.

2. High up government officials and bankers don't like it because it takes away power from them / their system. So they feel it threatens the system that has made them powerful and rich. This is your Jamie Dimon type person.

3. Rich gold bugs don't like it because it will likely largely replace the monetary purpose of gold. This is your Peter Schiff type person.

4. Lots of people, rich or not, simply think that no publicly available investment can naturally grow in value like Bitcoin continues to do, so they naively think it's all gonna crash and burn eventually. This comes probably partially from not liking the fact that it's available to anyone, whereas the finance industry and government normally keep early stage investments tightly controlled in their availability only to those who are already rich, so they might not like that Bitcoin played outside the understood rule that only the rich are allowed in on great opportunities, but with Bitcoin is was out of left field and not restricted so basically just random people who were lucky enough to hear about it were the ones who got in on the ground floor the first half of last decade. It also comes from just a lack of education about what Bitcoin is and why it makes sense that it does naturally grow like no other publicly available asset ever has in the history of the world.

5. Finally, plenty of people, even the rich, simply don't do anything other than read headlines about Bitcoin. So again it's lack of education. They see headlines about about unnatural growth, big crashes and volatility, not being backed by anything, no intrinsic value, waste of power, hacks, can't spend it anywhere, slow, expensive, only for criminals, controlled by china...you know, you're usual assortment of years worth of badly written articles about Bitcoin by journalists who don't know the first thing about it. And plenty of people don't bother to look any deeper so it all looks like a big scheme.

Simply because it has been an easy bridge for the past years for many to reach their level without putting the same level they exerted to get to that point. We cannot blame them actually, maybe at some point it hindered them from progressing more. Also, the amount of time they spent on studying and grinding just to earn that much was like thrown away due to the existence of crypto. Some millionaires take it as another opportunity while others see it as a threat. I think it would be best if they would just take advantage of it considering the wealth they hold and start investing on it to further more succeed.

I think that the main reason is given due to their type of financial education, and particularly it has to do with people who are older adults, who only trust the stable, like Warren Buffet, Schiff, Donald Trump, they are people who have a financial education. very high, that they have had a lot of experience in the Stock Market and that they have signs of genius at times. At the moment they know Bitcoin they analyze that BTC does not have any support like Gold, diamonds, oil, it only depends on supply and demand, this is not enough for them, and if it is added that BTC is very unstable, volatility it is for them an enemy they draw conclusions due to their experience.

Of course this does not mean that they are right, they are human and they are wrong, a person who is a billionaire and who thinks differently from them because if he believes in Bitcoin he is Robert Kiyosaki, in this case he does believe, so all is not lost , the old school can still be saved.

Everyone has his/her dislikes you can't force someone into something he/she doesn't like is just simple.
Many of this millionaires feel they already have a lot of money and they envy many of this crypto investors deep down they alswmo want to have this freedom and invest but pride and shame won't let them so they put all effort to tag crypto as illegal currency or make a bad name for it even move to the extend of demanding ban for cryptocurrency. Many of this people wish to be like use

The only answer to your question is that the rich people don’t have time to invest their amounts in currencies like bitcoin because their business is already going and they are earning billions of dollars from their businesses so they don’t take risk they only invest in their business to grow and expand. But bitcoin is future as many people become millionaires or billionaires from bitcoin, buy risky as well.