Why some millionaires hate Bitcoin? - page 5.

Dr.Osh

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Quote from: LimLims on September 17, 2021, 11:47:57 PM

This is in face truth.
Rather all the old millionaires don’t like Bitcoin. The main reason for this is due to the lack of knowledge on the coin.
If they could know the true value of the coin, they too liked to invest on the coin.
Also as they are old, they use the stock markets rather than crypto trading.
These are all the facts for which some millionaires hate Bitcoins.

because of a lot of money and abundant business, I think they will be difficult to get to learn and understand about the blockchain system itself. however, I also feel that they see bitcoin and other cryptocurrencies as a threat to their business. Well, that's still my speculation. anyway, i think, if they start trying to learn bitcoin, i think they will start investing with it too. many people in my country initially hated bitcoin because they thought that it was a ponzi, and a coin used for gambling, but over time they came to their senses, and started to see bitcoin as one of the great investments.

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Quote from: Nutrient on September 17, 2021, 12:22:24 AM

Well, some of these people don’t just hate Bitcoin. They don’t understand the intricacies of Bitcoin and also they believe the market is too volatile. This, in my opinion is why some of them avoid it.

This is in face truth.
Rather all the old millionaires don’t like Bitcoin. The main reason for this is due to the lack of knowledge on the coin.
If they could know the true value of the coin, they too liked to invest on the coin.
Also as they are old, they use the stock markets rather than crypto trading.
These are all the facts for which some millionaires hate Bitcoins.

Rehan Zakir

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Quote from: syedakhlaque on September 16, 2021, 09:58:21 AM

It is possible that some millionaires hate bitcoin but not all. The millionaires who are in touch with advance technology or have knowledge about IT, E-commerce is utilizing and making money through Bitcoin.

The majority of the world population is based on poor people. And BTC is a flash of hope and a source of income and employment for middle-class and poor people.

After legalization development in many countries, its network is spreading. And the millionaires cannot block the flow of digital currency.

Peoples hate Bitcoin because they did not know his technology and its importance in our daily life. Bitcoin currency now becomes the global currency because it can be used from anywhere in the world. We can send or receive money within few minutes without taking permission from any central authority. And it is totally decentralized, which means there is no man or a company that controls the bitcoin currency. Only the miners secure its network by mining bitcoin coins.

haasanjui

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There is no any issue of hate Bitcoin in my opinion but millioners hate Bitcoin because of there own point of view or maybe they don't trust on Bitcoin and maybe they lost money on Trading Bitcoin. Otherwise there is no any reason to hate Bitcoin.

Abiky

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Quote from: qwertyup23 on September 16, 2021, 09:55:00 AM

Most millionaires do believe in the traditional type of investment- which is either purchasing stocks or gold on the market. Since most of these investors got their wealth from a relatively risky method, some do not approve of investing into an instrument which is highly volatile (cryptocurrencies).

Though this may be the case, some big investors are jumping on the ship as they expressed their interest towards cryptocurrencies. Imagine a millionaire purchasing several hundreds of BTC. The slightest increase/decrease on its price means gain or loss of millions of $$$ on their part.

Either some millionaires hate Bitcoin or they just don't understand how it works. The vast majority of wealthy people are against Bitcoin, because they believe it's a scam or a fraud. Warren Buffet and Donald Trump already expressed their disdain towards Bitcoin. They're missing a huge opportunity for profit as Bitcoin continues to soar towards new ATHs. The fact that Bitcoin is scarce and decentralized, should be more than a strong reason for anyone to invest into it for the long haul.

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

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Quote from: Baofeng on June 11, 2021, 09:42:54 AM

It's obvious, bitcoin is the next big thing, the digital gold for this decade so most of the millionaires doesn't have the knowledge on how to make money out of the bitcoin market. They are still in the old and traditional way of investing in stocks with small risk. Unlike in bitcoin wherein there is so much volatility that these old investors are not used to, so they would rather put their money on safe haven like gold and then hate bitcoin itself.

Exactly, another additional to this statement its that the fast growth of crypto currencies many of them are not capable of going with the flow. I consider Age and commitment to what ever they are doing that kept them behind and as a results they tend not to favor this new technology. Hence, resulting for them to only hate it.

juliepower

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I don't know what is the reason behind hate Bitcoin but I don't think so that millionaires have problem.May be some millionaires have negative view and hate Bitcoin or may be trust issues. Even millionaires have more power to buy Bitcoin, invest in market,earn more they don't afraid to lose money after all they are millionaires.

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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.

it's because they (rich people) can become poor because of bitcoin or crypto.
they have money to live. but they are afraid to lose their money. it's because they can't learn about bitcoin and crypto.
when a person lacks knowledge and skills. they will feel less confident. it could cost them their money.
but I'm sure it only applies to some people. because many rich people have started to enter the crypto market. it's because they don't work and want their money to work for them.

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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.

IamWealth

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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.

Nutrient

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Well, some of these people don’t just hate Bitcoin. They don’t understand the intricacies of Bitcoin and also they believe the market is too volatile. This, in my opinion is why some of them avoid it.

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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

Because bitcoinnis not their usual way of making money unlike with their usual businesses and in fact they cannot control bitcoin unlike with their business they have some control.

They only have the control over their investment thats all but with bitcoin thing, they dont have any power to hold the price of bitcoin.

Btcvilla

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maybe we can say also with very rapid.development so that bitcoin is able to become.a business that is so popular that it has more expectations.to compete.with various businesses.which makes economists.feel competitive with it because this is what they fear.will be a rise in the crypto world for future

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I think they hate bitcoin is because they feel comfortable with the existing system,

They do and they don't want to embrace the underlying new technology with bitcoin and they just can't cope and accept it.

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when there are new changes that threaten their business of course this is a big problem if not now then later, when they approve bitcoin then automatically many things they can't do such as control and manipulation.

Yes, if there's a threat to their business, they'll talk negatively and hate bitcoin but if there's none, just as usual business day for them.

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Quote from: Pulsar77 on September 16, 2021, 10:52:39 AM

They hate Bitcoin because they are afraid of being in a big loss in gold or fiat in the long run. And the reason to hate is different for some of them also. They don't have much knowledge about Bitcoin as it is completely new for people who are accustomed to using fiat currencies a lot. But they know also that they can increase their knowledge about it. But rather than that, they choose to antagonize Bitcoin.

We cant really deny that there are millionaires which are really careless in terms of their finances but its really hard to believe on that they arent aware with the risk involved since they wont really be reaching out
that kind of status if they werent really that good in terms of business or investment but cant really be surprised because they've been dealing with crypto market which simply shows up on how
unpredictable the market is.When you do lose up money because of volatility then this doesnt matter if you are a millionaire or just an average investor.You would really be having that rage or anger
in emotion when you do lost which i do consider for it to be normal.

Desmong

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How can Donald Trump how me if i am broke. No body cares about whether you eat or not but you need to focus and do what makes you happy. Even though all the big investors decided to leave Bitcoin or work against it, I will be happy to continuing investing in it cause I don't think anyone of them can really help the current situation of economy now where masses are still complaining of lack of money to finance the activities.

Pulsar77

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They hate Bitcoin because they are afraid of being in a big loss in gold or fiat in the long run. And the reason to hate is different for some of them also. They don't have much knowledge about Bitcoin as it is completely new for people who are accustomed to using fiat currencies a lot. But they know also that they can increase their knowledge about it. But rather than that, they choose to antagonize Bitcoin.

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Quote from: dortheamangum on July 18, 2021, 11:43:51 PM

How people portray cryptocurrencies like bitcoins depends upon their own level of understanding. Some think they will replace the fiat currency very soon while others think they won’t even last in the next few decades. It all depends on the person and his understanding.

but the understanding of billionaires like warren buffet can create a shock in the crypto market. the public should not raise too much the issue of billionaires hating bitcoin because it would undermine public confidence. this kind of understanding must be completely lost in order for bitcoin to continue to run in the crypto market.

bandungan

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the answer is simple. why do billionaires hate bitcoin if there is no specific purpose? I think it has something to do with the billionaire business being disrupted by bitcoin. If bitcoin has a positive impact on the billionaire business I don't think billionaires will hate bitcoin, maybe billionaires will support bitcoin because the assets of billionaires are enough to shock the bitcoin market.

syedakhlaque

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It is possible that some millionaires hate bitcoin but not all. The millionaires who are in touch with advance technology or have knowledge about IT, E-commerce is utilizing and making money through Bitcoin.

The majority of the world population is based on poor people. And BTC is a flash of hope and a source of income and employment for middle-class and poor people.

After legalization development in many countries, its network is spreading. And the millionaires cannot block the flow of digital currency.

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