Topic: Why some millionaires hate Bitcoin? - page 17. (Read 2823 times)
Decentralization is still seeming scary for many people. Some millionaires are also in this group of people. They are too adhered to the traditional money that they don't even want to see the new technologies and the future.
Some of them don't have much knowledge about cryptocurrencies and they just try to convince people to stay away from them. And some of them are afraid because they keep fiat money as an investment also. They wouldn't like to see fiat getting harmed by cryptos.
Maybe it relates to a personal feeling. In fact, many Millionaires also like Bitcoin, BTC can really make high profits to earn money, a worthy investment, and a promising future. However, some of them don't show up about their likes of Bitcoin, maybe because of some reasons.
however, if somebody doesn't like BTC itself, maybe because he doesn't like the system and the decentralization. Or maybe he is feeling that he has more competitors as a millionaire?
however, if somebody doesn't like BTC itself, maybe because he doesn't like the system and the decentralization. Or maybe he is feeling that he has more competitors as a millionaire?
Some wealthy people have expressed their disdain towards Bitcoin. They believe Bitcoin is a scam or Ponzi scheme backed by nothing. Figures like Warren Buffet, and even Donald Trump himself believe Bitcoin is a sham. I'm surprised to see this, since Bitcoin brings many profit opportunities to its "hodlers". For some reason, millionaires (or billionaires) hate Bitcoin. They usually support Gold and Fiat, not wanting to try something new like crypto/Blockchain tech. Justin Sun tried to convince Warren Buffet to get into crypto a while ago, only to find that his efforts were in vain.
Thoughts?
They don't want to join Bitcoin, but they are afraid that if people get rich because of bitcoin, some of them also don't know about technology. For a trump he fears Bitcoin will go big and affect the value of the usd. However, no matter how much they hate bitcoin, they can't prohibit the existence of bitcoin at this time Thoughts?
They lack understanding of bitcoin.
Donald Trump hates Bitcoin because he thinks that Bitcoin has the potential to damage US dollar. If he was the president right now, I'm very sure that he would even impose a ban on cryptocurrencies like Chinese government has done already.
That's true, he sees that bitcoin is a threat to USD and thinks that it will eventually destroy not just the US markets but as well as it's economy. But he doesn't understand it, instead, bitcoin will eventually help people to avoid inflation from the USD.
Donald Trump hates Bitcoin because he thinks that Bitcoin has the potential to damage US dollar. If he was the president right now, I'm very sure that he would even impose a ban on cryptocurrencies like Chinese government has done already.
Well, just a simple word to answer this question.
Just because they don't know what is Blockchain and how bitcoin will work, they always believe in physical investments like stock or gold because they can able to monitor it by its physical information such as include the value. But we should not generalize this question, because there are other millionaires who believe in bitcoin and investing in it despite knowing that they are lack knowledge of it.
Perhaps, --the decentralized nature of all cryptocurrencies is the most major reason why rich people avoided this kind of investment and it could be they heard a lot of criticism.
Just because they don't know what is Blockchain and how bitcoin will work, they always believe in physical investments like stock or gold because they can able to monitor it by its physical information such as include the value. But we should not generalize this question, because there are other millionaires who believe in bitcoin and investing in it despite knowing that they are lack knowledge of it.
Perhaps, --the decentralized nature of all cryptocurrencies is the most major reason why rich people avoided this kind of investment and it could be they heard a lot of criticism.
they are fair to say that because they already have the privilege and no longer need bitcoin because their money is already abundant.
besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
for those who already have abundant wealth, there is no need to need bitcoin
Lol, millionaires even if they have "abundant" money, they will always want to make more. They use their money to make more money. Maybe they show that they hate bitcoin, but they actually don't? They spread FUDs so that the market tanks and then they can buy at the dip and make more profit when the price rises. After all, its easy for them to take such kind of risks!besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
for those who already have abundant wealth, there is no need to need bitcoin
-snip-
besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
Lol, why even bother listening to this dumb ass? besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
Some wealthy people have expressed their disdain towards Bitcoin. They believe Bitcoin is a scam or Ponzi scheme backed by nothing. Figures like Warren Buffet, and even Donald Trump himself believe Bitcoin is a sham. I'm surprised to see this, since Bitcoin brings many profit opportunities to its "hodlers". For some reason, millionaires (or billionaires) hate Bitcoin. They usually support Gold and Fiat, not wanting to try something new like crypto/Blockchain tech. Justin Sun tried to convince Warren Buffet to get into crypto a while ago, only to find that his efforts were in vain.
Thoughts?
because they don't understand Bitcoin that's why they hate it...Thoughts?
those who hate Bitcoin will definitely not like decentralization and transparency. for example warren buffet, actually the reason he hates Bitcoin is really unclear until now, if he connects Bitcoin with a Ponzi scheme then how does he explain how stocks work!
I think it's envy.
These wealthy want to be among themselves and not lose power, but control even more. Social media also makes a big contribution, especially with millionaires. It's not directly about money, but definitely about power.
These wealthy want to be among themselves and not lose power, but control even more. Social media also makes a big contribution, especially with millionaires. It's not directly about money, but definitely about power.
Do you really think that they do hate out Bitcoin honestly? You wouldnt know that out of those negative words spit out into their mouth I wont be surprised if they are actually accumulating behind the curtains.
No one can really prove out that they do really hate it up neither those are true intentions or just simply some show off to make look themselves that they do actually hate it.
Really hard to believe on what these big whales or popular person been saying because every action would have corresponding intention attached to it.
No one can really prove out that they do really hate it up neither those are true intentions or just simply some show off to make look themselves that they do actually hate it.
Really hard to believe on what these big whales or popular person been saying because every action would have corresponding intention attached to it.
they are fair to say that because they already have the privilege and no longer need bitcoin because their money is already abundant.
besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
for those who already have abundant wealth, there is no need to need bitcoin
besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
for those who already have abundant wealth, there is no need to need bitcoin
maybe also they are jealous to those who managed to earned big from this industry, they don't want to take the risk but instead they are criticizing this venue of investment.
Rich people like them already have it all, and they have their own principles and already have their own venue of investment, why bother taking their call right? there's nothing good that will come out from their opinion, let them think whatever they want.
Don't be bothered as this venue of investment open its door to every believers that will take their steps. Keep it up!
My personal opinion maybe have 2 reason, they already have their assets like fiat, stocks or maybe anything else that can be threaten if people change their investment to bitcoin, or maybe they see bitcoin price can be increased after dump happen, they already hold or want to buy in cheaper price, only them who know about it. But it is not enough to make bitcoin dumped a lot like when it is started.
they are fair to say that because they already have the privilege and no longer need bitcoin because their money is already abundant.
besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
for those who already have abundant wealth, there is no need to need bitcoin
besides that I've read in one article where there is a statement from donald trump which says that bitcoin can be a risk to usd so that's why he doesn't like it.
for those who already have abundant wealth, there is no need to need bitcoin
Millionaires are people too, they can have their own opinions. There's no single reasons why some millionaires hate Bitcoin just because they are millionaires. Think about all the reasons why someone might hate Bitcoin - enviromental FUD, worrying for fiat system, devotion to gold and stocks, etc. - this all can apply to a person regardless of their social status.
People from government, as Donald Trump, hate Bitcoin because it can limit their monetary police influence.
Rich people don't like Bitcoin becuase they don't understand it, and that's why they distrust bitcoin and its exponential growth.
Rich people don't like Bitcoin becuase they don't understand it, and that's why they distrust bitcoin and its exponential growth.
If they know the technology behind cryptocurrency then it shouldn't call as a Ponzi Scheme at all.
I believe they do, but even if they don't, why does it matter? Haven't they read how Bitcoin works theoretically? I think it's pretty obvious that they hate it, because Bitcoin is not towards their willings. In other words, it's an obstacle to them from making more fiat. They have to either play by the rules or accept its future and the damage it'll bring to fiat.
You should see it otherwise. Right now there are two types of billionaires; the obsessed ones with Bitcoin and the ones that hate it. The first ones play by the rules while the second, just hate its existence.
I second that said by mk4 in the first reply. My thought is there is a lack of knowledge about cryptocurrency how it works and that's why a few millionaires or Billionaires don't like cryptocurrency and consider as Ponzi. If they know the technology behind cryptocurrency then it shouldn't call as a Ponzi Scheme at all. On the other hand, most millionaires are involved with the centralized organization from where they are making millions, so they don't want to move in a decentralized currency where they can't keep role themselves to manipulate or making money. They know Bitcoin would be a good investment, but they don't have faith in it. Because many people become a millionaire from cryptocurrency, so it's open for all and aware of it. Nothing secret in a decentralized cryptocurrency.
I remember Donald Trump stating that bitcoin is a threat to USD and its current state, so there's that. He believes that bitcoin is just a sham and asks people to stay away from it because it is and will never be better than the USD on many things. Whereas Warren Buffett already built his empire before the advent of technology, and believes that anything existing within the digital realm is just a fad that will eventually go away. Things with value must be tangible, and Buffett cannot wrap his head around valuation stemming from the fact that people simply believe something is worth anything at all, even if it only exists digitally.
The elite don’t want anybody raining down on their parade. It’s a closed shop, they don’t want the poor making money. Bitcoin takes the power away from them but there’s nothing they can do about it. Keep stacking those sats.
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