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The original was posted on /r/bitcoin by /u/Digiff on 2023-08-07 20:34:22+00:00.
I posted couple of days ago this post and after reviewing the answers, I thought to share with the sub the top 5 reasons as to why our millionaires are still weighting the pros & cons to buy BTC or are simply doing nothing about it. Here the answers put in a few nutshells:
- Most of the millionaires are simply WarBuffettized . They made millions in the old good days or/and through the traditional ways and don’t see any need to have Bitcoin. The money is coming and the wealth isn’t going away.
- When you categorise yourselves as one of those conventional rich folks in Buffett’s fashion, going after Bitcoin can appear as something like…buying a telescope to watch UFOs. One may try to keep it quiet even they buy one of just don’t be not to look like an outsider.
- The above two are exacerbated with the bad media coverage and financial advice some received from their accountants, wealth managers, friends etc…
- Plus some of those folks are either stupid (they are not rich because they invented, patented or ran a company etc…but just inherited the money, won a lottery or been super lucky somehow) and simply can’t comprehend what’s going on around them, or are retired folks who don’t care much, or are live-your-lives folks who are jumping from party to party or something in that sense anyways.
- The last point comes from me I believe as I haven’t seen the KYC/AML to be the reason. But for those rich guys who are looking to buy Bitcoin, well, they are not after dust sats and are looking to buy 1, 5 or 10 maybe. KYC and AML which requires from your to send your passport, address and more to all those Binances, Bittrexxs etc…may well stop even the most motivated guys. Some have professional or personal reasons to avoid sharing ID for a BTC purchase.
So, naturally, if we add all those guys to the unwanted list, then out of the 30 millionaires, well apparently only a minority will go for Bitcoin.
I just have one piece of advice for those who recognised themselves in the above. You can wait for the ETFs to make the move, no problem, but don’t forget that the only way to secure a place in this network which will rule the future, the only way to step foot on Bitcoin, is to own it yourselves.
Bitcoin is not about getting richer (although even betting just 30k for 300k it’s sweet win for a millionaire) , it’s about having your foot in a different, safer place or at least and place where you are not at the moment. Don’t be greedy, those 30k are not going to change your lives but not having Bitcoin, may well cause a few issues in the future. One don’t know if what is made tomorrow!
Remember, everyone has a plan until they get punched in the face - Mike Tyson