Why some millionaires hate Bitcoin? - page 4.

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Quote from: bakasabo on September 20, 2021, 01:35:45 AM

Quote from: iTradeChips on September 20, 2021, 12:24:17 AM

Oh yes, they hate it so much they don't want to participate in trading. First of all, they don't want something that goes up and down so fast. They just want stocks and all these traditional investments and for them that is already instant money. Also, they don't like technology so much, in a sense that they don't like something they don't understand. Most of them are the boomer types the old rich guys that don't want to mess with new tech.

Stock can also go up and down quickly. And I can suppose that they earned their millions with the help of technology and progress also, so hating them is not the true reason.

I think that they hate Bitcoin, because people that are in cryptocurrency can became millionaires also. That is it. They dont like the fact that they can no longer be unique. Lets say you are the only millionaire in town, one year passes, and there are already 30 of people like you. They used to be VIPs, but not anyone with enough luck and a decent amount of capital can become the same.

I was read a crypto data report from research firm bitinfocharts. According to figures as of early 2021, there are about 100,000 people with 1 million USD or more accumulated in their bitcoin accounts. Of which, more than 8,000 have 10 million USD of Bitcoin or more. Obviously, bitcoin has been creating a lot of millionaires and billionaires quickly. Rich people will not like this because they always want them to be unique and unique. With the growth and increasing demand of bitcoin, the millionaire created by bitcoin will not stop they will not stop hating bitcoin and finding ways to drown bitcoin.

Gudhal Untu

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I'm sure some millionaires hate bitcoin because they feel that bitcoin is a competitor and will make their comfort disturbed, as we know that today many millionaires are actively paying various media and sources to create negative opinions about bitcoin so that many people don't want to know bitcoin.

TopTort777

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Quote from: carrigan on September 20, 2021, 07:00:38 AM

I think some millionaires reject Bitcoin because they themselves do not understand and are not interested in this

They don't need to understand everything they invest in. They can always spend few thousands bucks, hire a specialist and he will calculate whether it is profitable to invest and how much it will be bring, or it is better to stay away from investing. All they have to do is to say yes or no. The reason might be that cryptocurrency is still young and they haven't found a specialist, which opinion about investing in crypto they trust.

How old is crypto ? About 10 years and people started to be interested deeply in it in last 5 years. I think it is hard to raise a real crypto investing specialist in 5 years. There is still not enough data to make trustful future predictions.

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Quote from: sovie on September 19, 2021, 11:25:41 PM

1. Warren Buffet main area is stock/equity, so that's why he has no interest in BTC.

I've read the article about Buffet, he said that crypto is an unproductive asset. He also said that he would not own bitcoins because he did not believe in bitcoins. The value of bitcoin is just a mirage or not real. If I'm not mistaken he said around 2020. But I'm not sure myself after what happened this year. Or does Buffet say that because he really doesn't understand what bitcoin and its technology are? It seems to be conducting special interviews with the owners of the world's wealth.

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Millionaires already made millions out of different businesses. So, they have a thinking there is no need of such an innovation called bitcoin. There is also ego in this, because there are lucky people who have invested big on bitcoin and other cryptocurrencies. This has made them to be millionaires within few years time.

I've seen stock analysts who used to say don't invest on cryptocurrency, but on deep analysis I understood it is also a play. Because cryptocurrency provides way for common men turn rich in a short time and the same isn't possible with stock investment in a short.

BD Crypto

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Actually some millionaires really hate bitcoin as they are afraid because of market manipulation and hackers.Basically hacking cryptos and scamming is the worst part in Crypto.
Just imagine, If anyone gets hacked or lose all funds will he support crypto anymore?
And thats why I think some millionaires hate crypto ane Bitcoin because of manipulation and Crypto hacking.

carrigan

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I think some millionaires reject Bitcoin because they themselves do not understand and are not interested in this, especially since they already have abundant wealth. Maybe they are satisfied with the wealth and don't want to join Bitcoin because it is very volatile. The next possibility is that there are some millionaires who are still tech savvy or don't understand the technology that makes it difficult for them to accept and join Bitcoin. That's all I think based on my own assumptions and do not mean to offend anyone.

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Quote from: bakasabo on September 20, 2021, 01:35:45 AM

Quote from: iTradeChips on September 20, 2021, 12:24:17 AM

Oh yes, they hate it so much they don't want to participate in trading. First of all, they don't want something that goes up and down so fast. They just want stocks and all these traditional investments and for them that is already instant money. Also, they don't like technology so much, in a sense that they don't like something they don't understand. Most of them are the boomer types the old rich guys that don't want to mess with new tech.

Stock can also go up and down quickly. And I can suppose that they earned their millions with the help of technology and progress also, so hating them is not the true reason.

I think that they hate Bitcoin, because people that are in cryptocurrency can became millionaires also. That is it. They dont like the fact that they can no longer be unique. Lets say you are the only millionaire in town, one year passes, and there are already 30 of people like you. They used to be VIPs, but not anyone with enough luck and a decent amount of capital can become the same.

Yes, as if they will be rivaled. They do not want anyone to be richer than him . That might just be one personal reason . However, there are many other reasons, it could be that they are already in their comfort zone. They do not want to put their wealth with something that can not be predicted with certainty. Drastic increase and decrease that can not be controlled . They don't like the system.

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Quote from: bakasabo on September 20, 2021, 01:35:45 AM

I think that they hate Bitcoin, because people that are in cryptocurrency can became millionaires also. That is it. They dont like the fact that they can no longer be unique. Lets say you are the only millionaire in town, one year passes, and there are already 30 of people like you. They used to be VIPs, but not anyone with enough luck and a decent amount of capital can become the same.

Right now, the cryptocurrency market is having a market capitalization of less than $2 trillion. On the other hand the market cap of stock markets just within the United States stands at >$50 trillion. And the increase in market cap of these stock exchanges this year is higher than the total market cap of the cryptocurrency market. So obviously the number of millionaires (and billionaires) created by cryptocurrency is much smaller than the same number created by the stock rally this year. In short, your argument is only partially true.

bakasabo

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Quote from: iTradeChips on September 20, 2021, 12:24:17 AM

Oh yes, they hate it so much they don't want to participate in trading. First of all, they don't want something that goes up and down so fast. They just want stocks and all these traditional investments and for them that is already instant money. Also, they don't like technology so much, in a sense that they don't like something they don't understand. Most of them are the boomer types the old rich guys that don't want to mess with new tech.

Stock can also go up and down quickly. And I can suppose that they earned their millions with the help of technology and progress also, so hating them is not the true reason.

I think that they hate Bitcoin, because people that are in cryptocurrency can became millionaires also. That is it. They dont like the fact that they can no longer be unique. Lets say you are the only millionaire in town, one year passes, and there are already 30 of people like you. They used to be VIPs, but not anyone with enough luck and a decent amount of capital can become the same.

iTradeChips

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Quote from: Chato1977 on August 06, 2021, 12:10:24 AM

do they really hate bitcoin ? or they don't have idea and belief about this? because the term Hate must have something where if coming from and why would they hate a currency that does not affecting them at all cost?
unless they are once to be investor and lose in this market then maybe they have reason to hate this because of their own mistakes.

Oh yes, they hate it so much they don't want to participate in trading. First of all, they don't want something that goes up and down so fast. They just want stocks and all these traditional investments and for them that is already instant money. Also, they don't like technology so much, in a sense that they don't like something they don't understand. Most of them are the boomer types the old rich guys that don't want to mess with new tech.

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Quote from: Abiky on June 11, 2021, 09:00:13 AM

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? Huh

1. Warren Buffet main area is stock/equity, so that's why he has no interest in BTC.
2. Trump is USA resident and governments don't like BTC at all in its decentralized state.
BTC is there to break the monopolies of centralized financial institutes that's why authorities from such centralized institutes don't like to see BTC getting popular.

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Quote from: AakZaki on September 19, 2021, 09:33:28 AM

If we talk about those who don't want it, then we must also reveal that some rich people also agree with bitcoin and they even support it.
Those who like and dislike have different opinions.
Bitcoin remains a popular digital asset today, bitcoin is able to reach highs that were previously unthinkable. Bitcoin is able to destabilize the economy and make the government sector powerless. Bitcoin cannot be controlled by anyone.
Even if a millionaire hates bitcoin, bitcoin will still grow and remain a valuable digital asset in the future.

Even there are opposing bodies from the millionaires part, the growth of Bitcoin is no longer under their control. There are many investors who are willing to continue and manage to keep earning decent.

Bitcoin still hot in the eyes of many traders. The growing market shows opportunities and they are not going to waste this chance just because they heard news about rich people who hated the business.

An everlasting twist, as time come and we will hear different stories about the position of those opposing people once they already
understand how beneficial this market can be.

S4VV4S

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we don't know what's going on in their minds where millionaires hate bitcoin so much, we also don't know whether bitcoin gives a loss to their business which they have been in all this time so that there is such a deep hatred for bitcoin, whether bitcoin harms other parties. otherwise I don't believe in this at all, we also really hope that the hatred caused by millionaires is not affected by the price of bitcoin

Cafex

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I think that the main reason some millionaires hate Bitcoin is the assets they invested into. I mean that those millionaires are investing highly into fiat currencies like dollar etc. and assets like gold. They may be afraiding of the probability that Bitcoin or any cryptocurrency to leave the assets that I mentioned behind in the future. But they should know that these cryptocurrencies are just alternatives to the other assets. They don't aim to replace the other assets but maybe some coins can leave gold behind in the future for example in terms of value.

Wong Gendheng

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Quote from: IamWealth on September 17, 2021, 12:57:16 AM

I don’t think hate is the right word. That’s a strong word. In my opinion, I think they are against Bitcoin which may be due to certain reasons like not having a full knowledge of Bitcoin, this reason alone makes them uncertain and they understand that lack of knowledge in that field will cost them a whole lot of money. This might be one of the reasons.

Most people hate hearing misinformation, they think that anonymous and decentralized bitcoin is very risky because it can be used for illegal transactions like terrorist fees, money laundering and so on. if they want to hear the right information maybe they will become bitcoin investors.

AakZaki

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If we talk about those who don't want it, then we must also reveal that some rich people also agree with bitcoin and they even support it.
Those who like and dislike have different opinions.
Bitcoin remains a popular digital asset today, bitcoin is able to reach highs that were previously unthinkable. Bitcoin is able to destabilize the economy and make the government sector powerless. Bitcoin cannot be controlled by anyone.
Even if a millionaire hates bitcoin, bitcoin will still grow and remain a valuable digital asset in the future.

A BLackPearl

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They feel that they feel virtual for Bitcoin, they feel unreal, no value. There is also a project that they choose investment is not in the encrypted currency. There are also some countries to ban Bitcoin from complying with laws, and there is no way to profit in Bitcoin.

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Quote from: oktana on September 17, 2021, 01:05:43 AM

Maybe they don't want others to get rich? Because I really don't understand why a rich person will hate Bitcoin. Or maybe they actually hate it because they have a wrong idea about it. Anyways Justin Sun went too far stressing himself to convince someone else about Bitcoin. It makes no sense to convince anybody; if they don't want it, forget it.

I don’t think they really hate bitcoin, they probably don’t like the fact that bitcoin has very high volatility. They are accustomed to investing in secure investments, real estate and gold, which are not subject to such price spikes as Bitcoin. But still, there are many millionaires who also like Bitcoin, so if someone doesn't like something, that's okay.

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Quote from: Abiky on September 17, 2021, 09:45:17 AM

At least, there are some millionaires putting their money and faith into Bitcoin. Elon Musk and Mark Cuban have joined the crypto/Blockchain craze. Not everyone will find Bitcoin as an attractive investment, because of its widely unpredictable nature. The constant fluctuations in price, makes people think twice before relying on Bitcoin as a long term investment. What matters is that Bitcoin stays decentralized and censorship-resistant. As long as there are loyal supporters behind the project, there should be nothing to worry about. Just my thoughts Grin

Elon Musk is a grifter that help to create Paypal, the biggest fraud in payment processing companies out there - his input to crypto is not needed. The worship of Musk because he brought the price of BTC and doge up is getting out of hand - he runs a tech company, he isn't a crypto guru nor should he be treated like one.

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