Why some millionaires hate Bitcoin? - page 6.

qwertyup23

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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

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.

geegaw

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Quote from: Spack17 on September 16, 2021, 07:04:35 AM

These millionaires get angry at Bitcoin because nearly all of these millionaires are investing into only gold and fiat currencies. As a result, they don't want to see their investments losing value in the future. Because there is a possibility for Bitcoin to reach really incredible levels and even leave behind one of these assets at least. I think that this could be one of the main reasons.

I disagree, the value of fiat money as well as gold will not decrease much in the future, it can be said that the future is the sky of these investments when the needs and initiatives of the next generations are relatively higher due to the improved environment, through which social development and investment trends are also better seen, as a result, investments will tend to increase no matter how much or little. In fact, millionaires are also members of the future, so the percentage of them hating bitcoin will not be high and this could be slander.

Spack17

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These millionaires get angry at Bitcoin because nearly all of these millionaires are investing into only gold and fiat currencies. As a result, they don't want to see their investments losing value in the future. Because there is a possibility for Bitcoin to reach really incredible levels and even leave behind one of these assets at least. I think that this could be one of the main reasons.

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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

I think it's because BTC is just a speculative asset and there's no real value which makes it an unproductive asset. Moreover, the government has no authority over it thus it's not backed up by the government, and no certainty whether it will be a popular investment in the future.

Chato1977

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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.

germsite

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Quote from: Lubang Bawah on July 19, 2021, 10:42:41 PM

Quote from: pjvperes on June 11, 2021, 01:20:15 PM

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.

Most people who hate bitcoin for fear of their wealth decreasing, they are comfortable with the current situation so they don't want to try new things, bitcoin is decentralized so they worry if the price drops their wealth will be lost.

That's the only right point. Millionaires don't just have cash lying around, they have a portfolio and most likely without crypto if they complain about it. So if people have to decide where to put their money, they might buy Bitcoin instead of pushing prices of the assets of these millionaires' portfolios.

Betwrong

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Quote from: worldofcoins on July 15, 2021, 01:48:32 PM

Quote from: Betwrong on July 06, 2021, 03:59:48 AM

When you are wealthy, you automatically hate any changes and everything that might cause those changes. Millionaires want to maintain status quo forever, but, unfortunately for them, that's not how things work in this world. The wisest from them are aware of that, of course, and now actively buying BTC at low price.

Well, that's one of many reasons, Most of the millionaires spend their whole life to keep on making the same or more amount of money so that they don't have to bring low-status lifestyle. This is what I've seen with most of them.

Some are millionaires for their hard work and they reached that height doing a single work and bringing change to that work will lead to re-learn or master another skill to remain at the same height which is not desirable for each and every one of them.

Learning something new all the time is the only option for staying afloat these days. It's hard to comprehend because for centuries your life experience and acquired skills by the age, say, 40, was enough for the next couple of generations to be learning from you. Now elderly people like Warren Buffett should certainly be learning from younger folks, or else they are risking to sound like the guy.

Lubang Bawah

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Quote from: pjvperes on June 11, 2021, 01:20:15 PM

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.

Most people who hate bitcoin for fear of their wealth decreasing, they are comfortable with the current situation so they don't want to try new things, bitcoin is decentralized so they worry if the price drops their wealth will be lost.

dansus021

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Quote from: ninkdwi on July 19, 2021, 02:20:45 AM

yes, especially to maybe I can say waren buffet and Donald Trump, basically Donald Trump himself has said clearly that Bitcoin can threaten the electability of $. Therefore, he really hates Bitcoin and warren buffet, don't listen too much to what he has to say. said because basically he doesn't understand technology so he doesn't know what Bitcoin is like and maybe I think he just heard it from other people because we all know that basically it is a technology stutter

Yes indeed in my opinion most government who banning bitcoin because it can hurt their own system the fiat and as you can see bitcoin transaction is transparent and decentralized that government can control

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Quote from: dansus021 on July 14, 2021, 09:59:21 PM

mostly they don't know about the technology or they still dont believe with unreal money i mean money that they can touch

millionaires will invest on stock or gold or other safe haven investment

yes, especially to maybe I can say waren buffet and Donald Trump, basically Donald Trump himself has said clearly that Bitcoin can threaten the electability of $. Therefore, he really hates Bitcoin and warren buffet, don't listen too much to what he has to say. said because basically he doesn't understand technology so he doesn't know what Bitcoin is like and maybe I think he just heard it from other people because we all know that basically it is a technology stutter

Kimonoe

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Quote from: ivankoh on July 19, 2021, 01:28:36 AM

I think millionaires hate bitcoin because bitcoin can create millionaires, billionaires like them quickly. Haha, but I think the big problem is the perception and idea, a lot of billionaires get rich from real estate, it's simple to own physically with paper, easy to maintain... with bitcoin being a problem, security, governance,... etc, and I think they see that as a risk.

right, they still think bitcoin is very risky. In the absence of legality from the government, bitcoin is considered not to have a real function as a currency. and finally they prefer a real business and have little risk as long as their wealth is safe, therefore property is an option as a safe asset for them. but i think nowadays there will be a lot of rich people who start studying bitcoin opportunities for the future

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I think millionaires hate bitcoin because bitcoin can create millionaires, billionaires like them quickly. Haha, but I think the big problem is the perception and idea, a lot of billionaires get rich from real estate, it's simple to own physically with paper, easy to maintain... with bitcoin being a problem, security, governance,... etc, and I think they see that as a risk.

Rigon

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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.

Actually your opinion correct but some people personally hate Bitcoin because they think bitcoin will replace Fiat and Bitcoin mining would damage economic systems in their country.

fauzan Ichsan

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Quote from: NicNacCoin on July 15, 2021, 06:45:51 PM

Quote from: Dewi89 on July 15, 2021, 03:08:25 PM

Quote from: nhaila on July 15, 2021, 02:22:06 PM

Sometimes some millionaires tweeted they don't like Bitcoin but after next update they already invested in Bitcoin and gained a lots of profits because they bought indeep and sold in hyped.

We saw the cover they really hate bitcoin for trying to lower its price and backstage maybe buy it at a lower price. Who is millionaire no.1 in the world, Elon Musk is also involved in crypto investing.

Some gigantic investors as like Elon musk sometimes tweeted his profile bio or tweeted in their personal blogs that they don't no investment/ longer in Bitcoin and others but it's a trick for cryptocurrencies investment. Their investment time they announced negative and selling time they announced position news.

we admit that the cryptocurrency market can be manipulated. a strong person like Elon, I think it's only part of his strategy to lower the value of bitcoin when he announces negative news about bitcoin. And all that can be concluded that there are also many rich people who want to increase their wealth quickly and easily through manipulation

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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.

totally agree, this is a natural thing where everyone has a different mindset and opinion. But we don't need to focus on people who don't like bitcoin because it's hard to change people's mindset. the important thing is that we love bitcoin, then know the advantages and benefits of bitcoin.

dortheamangum

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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.

milani

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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

In my opinion very often rich people do not tell the truth about their assets - the amount or type of them, and make different statements just on their own favour, manipulating by lots people minds. While at the same time having Bitcoins or other assets on their accounts. May be those who support dollar are just cunning or really got a lot income on gold or dollars or whatever.

Xinarae*

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In some countries there is no law on bitcoin while in many countries bitcoin transactions are legal but economists and other stakeholders around the world have warned that investing in cryptocurrencies is risky as their prices rise and fall sharply. Many millennials do not understand the exact signals of the market for these rapid price rises and losses for which they are at a loss and hate bitcoin many countries hate bitcoin but cannot ban its use.

Btcvilla

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so many people hate bitcoin like what was done by donald trump some time ago he said bitcoin could threaten the value of the USD which will affect the currency of the United States of America, so they prefer to ban the circulation of bitcoin in their country, maybe this will continues indefinitely

oHnK

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Quote from: Abiky on July 16, 2021, 05:17:54 PM

There are some millionaires who secretly invest into Bitcoin for profit. They just don't want to disclose it publicly in order to avoid problems with banks. After all, millionaires store most of their wealth in Fiat through a bank of their choice. I'm sure the number of millionaires will increase over time as Bitcoin becomes more popular. The new generation will embrace crypto/Blockchain tech, while the old generation will be left behind in the dust. Figures like Warren Buffet and Donald Trump are part of the old generation. It doesn't matter what a person says against Bitcoin, as long as it stays decentralized. With how Bitcoin has progressed since its inception, I'd say that it'll be here to stay for a very long time. Just my thoughts Grin

Yup, the proof of this statement can be seen in the whales alert. Everyday and every minutes we can see the transaction. Thousand of BTC is transfered from one address to another address. They move silently to avoid bubble price in market. Millioners are some people who really aware how the development of investment. BTC is one unique asset which really need to be have.

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