What is the reason?
Every once in a while, we see bankers, billionaires, and financial experts alike comment on Bitcoin. One of the most famous instances being Warren Buffett’s comments when he called Bitcoin “probably rat poison squared”. Also, the CEO of the largest bank in America, Jamie Dimon from JP Morgan Chase bank, called Bitcoin “worthless” and even said he would fire anyone working for him if they invested in it.
But why do these old rich billionaires hate cryptocurrency so much? The answer lies in the fact that Bitcoin and other cryptocurrencies threaten the traditional financial system that they have built their entire lives around. These systems are the ones that Bitcoin and other cryptocurrencies now disrupt.
What is actually happening?
The rise of cryptocurrencies and blockchain technology has the potential to disrupt the entire financial system as we know it. For decades, banks and traditional financial institutions have held a monopoly on the world of finance, with limited competition and little innovation. However, the emergence of Bitcoin and other cryptocurrencies has created a new form of financial system that operates outside of the traditional banking structure. This has caused concern and even fear among those who have built their careers and fortunes in the traditional financial system. These “defenders of the old systems” have a lot to lose if cryptocurrencies continue to gain ground and eventually take over. They have a vested interest in maintaining the status quo, even if it means dismissing the potential benefits and disruptive power of cryptocurrencies.
The reality is that the traditional financial system is not perfect and has its own set of flaws, including high fees, slow transaction times, and limited accessibility. Cryptocurrencies, on the other hand, offer a decentralized and open financial system that is accessible to anyone with an internet connection. This means that people who are excluded from the traditional financial system due to geographic, economic, or social reasons can participate in the global economy and have greater control over their own financial future. If we consider that Bitcoin and cryptos as a whole might slowly but surely be taking over the old financial structures like banks and traditional investment firms, what else can the defenders of the old systems say? They have built their entire life around these systems that Bitcoin now disrupts.
Does every rich billionaire hate crypto?
Well, the answer is no. Not everyone is against Bitcoin and crypto in general. Elon Musk, who is arguably the richest man alive today, is a big proponent of cryptocurrencies, even putting Bitcoin on his company’s balance sheet and regularly promoting Dogecoin, another popular cryptocurrency, on his social media pages like Twitter. Other financial experts like billionaire hedge fund manager Paul Tudor Jones called Bitcoin “inevitable” and has claimed to have around 5% portfolio allocation towards Bitcoin, meaning 5% of his investments are in Bitcoin. 5% of his over 7 billion net worth would be over 350 million dollars’ worth of bitcoins.
The fact is, Bitcoin is spreading in a big way. It started with small investors and nerds in their moms’ basements. It grew to be on large institutional investors’ radars, and now small countries like El Salvador are even adopting it as national currency. Slowly but surely, Bitcoin and other cryptocurrencies are finding widespread adoption. While the shift towards cryptocurrencies is still in its early stages, it’s becoming increasingly clear that this new financial system is not going away anytime soon. As more people adopt and use cryptocurrencies, the old financial structures will need to adapt or risk becoming obsolete. It’s an exciting time to be part of this revolution, and those who are willing to embrace change and innovation are likely to reap the benefits in the long run.
The truth is, cryptocurrencies are here to stay, and they will continue to disrupt the traditional financial systems that have been in place for centuries. While some old rich billionaires may hate it, the younger generation is embracing it, and its adoption is only set to increase. At Blocktrade, we understand the potential of cryptocurrencies and blockchain technology. That’s why we are committed to educating our users and providing them with the tools they need to navigate this exciting and ever-changing market.