Why some millionaires hate Bitcoin? - page 13.

abel1337

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Quote from: Golftech on June 16, 2021, 11:13:12 AM

Quote from: Lorence.xD on June 16, 2021, 03:58:02 AM

Maybe because they are more inclined to make money out of things that you can physically see and touch unlike bitcoin that doesn't have any of that besides a code that only a few can understand.

Indeed, they are more engaged with something that they are seeing in physical, more on the actual thing and not

just by specualtions, those rich people who builds empires of businesses are not easily convinced that digital assets

will achieved more supports especially if everything are more relying with specualtions.

Some millionaires are attached to traditional business but actually, the top richest persons in the world mostly come from technology and digital business like Jeff Bezos, Elon Musk, and Mark Zuckerberg. Elon Musk climbed the top richest person in the world because of cryptocurrency. Real richest seize opportunities!

We can't blame those millionaires who don't like the concept of bitcoin/cryptocurrency. They will always believe in the way that makes them rich and we can't deny that it is more effective to them.

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Quote from: Lorence.xD on June 16, 2021, 03:58:02 AM

Maybe because they are more inclined to make money out of things that you can physically see and touch unlike bitcoin that doesn't have any of that besides a code that only a few can understand.

Indeed, they are more engaged with something that they are seeing in physical, more on the actual thing and not

just by specualtions, those rich people who builds empires of businesses are not easily convinced that digital assets

will achieved more supports especially if everything are more relying with specualtions.

Alanaz

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Quote from: Woodie on June 13, 2021, 01:20:28 PM

I think its not a matter of hate, it's a matter of protecting their investments and I believe these are the guys that invest in the real gold bars as a way to store or measure their wealth.

Am certain if some one explained to them how exactly bitcoin works, they would be happy to jump on the bitcoin train without a doubt.

yes they also seem to invest a lot there but other than that what they tend to claim they don't like is that some of them have their own interests like donald trump who clearly says he doesn't like btc for threatening the dollar and warren buffet who says he doesn't like it but he himself who are not familiar with technology.
so actually they also have a purpose and don't understand just bitcoin that's why they don't like bitcoin

_MrTuyul404

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in my opinion, may be some wealthy people have invested on any stock, And They don't interested in Bitcoin And A number of countries still prohibit the use of bitcoin as a means of payment. For example, in China, in the US itself, not many companies accept bitcoin as a means of payment.

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Maybe because they are more inclined to make money out of things that you can physically see and touch unlike bitcoin that doesn't have any of that besides a code that only a few can understand.

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rich people who own their bitcoins keep it a secret, that's natural. especially if he works in a government agency, of course they don't admit to investing in bitcoin. I'm sure there are many billionaires hiding their identities in the crypto world.

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They talk badly about what they dont understand. They are both old school investors who favour businesses, bricks and mortar. A millionaire im more inclined to follow is Robert Kiyosaki, his investment starategies are flexible and he is always educating himself and other on current smart money decisions.

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this is not true that all the millionaires and billionaires hate bitcoin because as we have seen many big people are supporting bitcoin like bill gate and Jack Dorsey and it may be possible that they have missed Bitcoin at low price so they are not liking it.

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I don't know why there is always the tendency to think
that we need them, it started without them. So I don't care as an individual if they keep adding or never do.

On the other hand some who were against bitcoin have changed their opinions and even bought, others of those you name (OP) have so much money and have been ever to traditional investments that they will never change their position.

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I think the rich will definitely enter the crypto market, but they will not announce it to the public. In the Bitcoin field, there will definitely be many wealthy people entering the market. Who thinks he has more money?

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Quote from: Shasha80 on June 13, 2021, 06:58:10 PM

I also believe some millionaires hate Bitcoin, they just don't really understand how Bitcoin works. They must be frightened by negative
rumors about Bitcoin

I am not sure if a millionaire hates Bitcoin because they don't understand Bitcoin and just influenced by the bad rumors. In my opinion, most millionaires are educated people, they must know it. Bitcoin isn't a very new thing in digital investment, it already exists for more than 10 years. Those millionaires must have a certain reason if they are spreading FUDs or state their "hate" to Bitcoin publicly. Maybe it is about the competition of investment business across the field.

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Quote from: jasonjm on June 15, 2021, 01:18:37 PM

Those who are saying this is because
. Some of them don't know about the technology or Bitcoin
.. Some of them still consider Bitcoin as premature investment option
... Few hate the fact that how easy a person become millionaire by investing in Bitcoin.
.... Others are watching Bitcoin moves closely and are thinking about Bitcoin as an investment option.

For those millionaires who had reached out their status through long time or term investing then they would really be seeing that fast scheme
pace of bitcoin earnings or crypto investment will really be a joke and thats why some of them calling it a scam but sooner or later they would
realized that they had just missed out the opportunity to ride with the bandwagon and tend to regret if lots had already making some serious profits.
Well, they are already wealthy but we cant really changed up on what they do have in mind so let them be.

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Quote from: Shasha80 on June 13, 2021, 06:58:10 PM

Quote from: Woodie on June 13, 2021, 01:20:28 PM

I think its not a matter of hate, it's a matter of protecting their investments and I believe these are the guys that invest in the real gold bars as a way to store or measure their wealth.

Am certain if some one explained to them how exactly bitcoin works, they would be happy to jump on the bitcoin train without a doubt.

Millionaires certainly want to protect their wealth from being lost. Therefore he will reject something that he does not understand.
I also believe some millionaires hate Bitcoin, they just don't really understand how Bitcoin works. They must be frightened by negative
rumors about Bitcoin, then as we know most of the millionaires in the world are old people who find it difficult to accept new things.
So actually the main factor for people who hate Bitcoin, because they don't really know Bitcoin well.

For millionaires and even billionaires, they totally think bitcoin is a big scam because of the negative rumors that have spread around. They have all the wealth so they should know how to protect them as much as they want and avoiding bitcoin is one of it.

But i believe the main reason why they avoid bitcoin is they don't really know what bitcoin is all about so they don't feel interest investing on it. But for those who have become millionaires lately because of bitcoin, bitcoin is a big thing that would definitely change our way of living and even the standards on it.

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Quote from: jasonjm on June 15, 2021, 01:18:37 PM

Those who are saying this is because
. Some of them don't know about the technology or Bitcoin
.. Some of them still consider Bitcoin as premature investment option
... Few hate the fact that how easy a person become millionaire by investing in Bitcoin.
.... Others are watching Bitcoin moves closely and are thinking about Bitcoin as an investment option.

- Millionaires are already traders with a sky of knowledge and strict management of investments, so excuses such as lack of knowledge about bitcoin should be excluded from this case, hitting on jealousy will be what I think about the most when in the past there was not much existence of tools like crypto, people need to strive for many years, sometimes stepping on each other to become millionaires. The new age with bitcoin has broken the pride of years of trying for some millionaires, some disgust is a natural response to unfairness

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Those who are saying this is because
. Some of them don't know about the technology or Bitcoin
.. Some of them still consider Bitcoin as premature investment option
... Few hate the fact that how easy a person become millionaire by investing in Bitcoin.
.... Others are watching Bitcoin moves closely and are thinking about Bitcoin as an investment option.

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Quote from: NeuroticFish on June 11, 2021, 10:11:54 AM

Being millionaire doesn't necessarily mean somebody is smart, understand tech and want common good.
Many are too old to understand Bitcoin.
Many have businesses related to banking system or gold, hence they'll be against Bitcoin.
Many trust kinda blindly on what other rich people (usually tied to central banks) told them.

Bitcoin markets are unregulated or poorly regulated and many will either fear that, either come against that.
Bitcoin is pretty easy to steal if somebody doesn't have the patience to learn about how to keep it safely.
Bitcoin allows tax evasion, allows hiding dirty money and so on.
Bitcoin is not perfect and some of these guys will not accept anything less perfect (as they understand that) than the banking system they already know and trust.

But don't worry. All these problems are temporary. We just need to go on. More and more people find the benefits of Bitcoin by every day passing by.

That's certainly true, mate. It's no secret that most wealthy people rely on banks for everything. They don't see Bitcoin as attractive as Fiat because it's not backed by a reputable entity (in this case, the government and the central bank). Fret not, since millennials will be the ones who will "kick" Bitcoin into high gear. They're usually tech-savvy enough to understand what the revolution is all about. As long as Bitcoin has some loyal supporters behind it, nothing else matters. People are noticing Bitcoin's true benefits relative to Fiat, regardless of what some millionaires (or billionaires) say about it. The old generation will pass out, paving the way for widespread adoption of crypto/Blockchain tech. So with or without millionaires' support, Bitcoin will thrive thanks to its decentralized and censorship-resistance design. Just my thoughts Grin

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Quote from: uneng on June 13, 2021, 05:57:02 PM

Quote from: tabas on June 13, 2021, 05:41:40 PM

Quote from: uneng on June 13, 2021, 03:57:32 PM

Why do some millionaires hate bitcoin?

Because they are already millionaire.

They live confortable lives, they have everything they need and want at hand. Bitcoin can't guarantee them any benefit they don't already have without it. In some cases it's quite the opposite, since many millionaires profit from the bureaucracy and difficulties other people have to deal in their daily lives. Bitcoin and decentralized crypto in general mayy decrease all these difficulties considerably, so it's normal many wealthy people will be against it. Everyone who belongs to the consolidated system will try to stop or corrupt bitcoin somehow.

But the question can be made that if they're already millionaire, why they have to step on bitcoin? why they cannot live comfortably without interfering with bitcoin.
The answer is they have an agenda, it's not about being them as millionaires but there's something on bitcoin that could potentially stop them or their businesses.

Yes, like I said above, many of these guys got millionaires by the suffering and exploitation of other people. An example are the banks which charge extreme interest over loans and when it's the opposite, they borrow money and return too little percentage to their customers. Bitcoin becomes a big issue for their money making method's workability, because new investments become accessible for people worldwide, doesn't matter where they are, being possible to earn better interest rates we didn't have access before through our banks and their traditional investments offers.

Behind these banks, governments and mainstream companies there are the millionaires which are mainly affected negatively by bitcoin, so it makes total sense they are going against it.

This is just one example, but there could be more.

I agree with you on that. They're being stepped on with bitcoin and there's nothing for them to remove the competition unless they're the ones who's going to adopt it.
We can have the perfect example of PayPal.

karanggatak

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I think they just spread FUD, some of them have the aim of playing the market so that it crashes so they can take the opportunity to buy bitcoin at low prices
we don't know whether they own bitcoin or not, so far we know that there are a lot of big companies in the world that invest in bitcoin.

FUD for them is very important in order to get a cheap price, without FUD the market will stagnate, as well as good news. we as ordinary people better follow the pattern they make in order to get profit Grin

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Quote from: Woodie on June 13, 2021, 01:20:28 PM

I think its not a matter of hate, it's a matter of protecting their investments and I believe these are the guys that invest in the real gold bars as a way to store or measure their wealth.

Am certain if some one explained to them how exactly bitcoin works, they would be happy to jump on the bitcoin train without a doubt.

Millionaires certainly want to protect their wealth from being lost. Therefore he will reject something that he does not understand.
I also believe some millionaires hate Bitcoin, they just don't really understand how Bitcoin works. They must be frightened by negative
rumors about Bitcoin, then as we know most of the millionaires in the world are old people who find it difficult to accept new things.
So actually the main factor for people who hate Bitcoin, because they don't really know Bitcoin well.

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It was a personal interest, I think. You know, it was a business matter, simply these rich people think that Bitcoin had taken away their profit if that become widely used in the community. They're probably right and it is possible to happen that their businesses will heavily be affected.

Anyway, how'd they know the use of Bitcoin in real life if they don't know about this. Many still become innocent because they don't want to open their minds and their are focusing on their personal benefits.

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