So who then is your friend,  that he is afraid of all the names mentioned?


I don't believe in your friend's assumptions that Bitcoin is only held by a few sets of people who like their control over what direction the value of Bitcoin will go, so for sure bitcoin as a proof of work, is not easily manipulated by high volume providers like what we have with the proof of stake network where a few pool providers can easily manipulate and control the transaction confirmation, e.g like the Ethereum network recent network migrations.

You have to explain to him that the world is going digital and if he lives longer, his cold hard cash may not be useful anymore because the government will deem them useless. But I think old rich people are more into gold investment as they are more into physical investment like real properties.

I have met such kind of person and he is open to new things, he still lives in the old town since the time he was born. Never go live somewhere else.

The market isn't interested in him neither and that's why let him say what he want to say and let his opinion be voiced out about Bitcoin. It's true that there are a lot of holders that can move the market as what we call whales. But it's not what he's thinking of letting the market down through them. Aren't we used already to the moves of the market based on the news that we're seeing whenever there are good or bad news that's being released by the media? It's okay if your friend doesn't need Bitcoin, the known and rich people in several industries that are investing on it. Nothing personal, someone might like or not Bitcoin and your friend is on the latter.

Okay, I do not think your buddy is looking at this the right way.  The crypto market is friggin' enormous and  even if some big players like CZ or Saylor or whoever have a decent chunk of Bitcoin, thats still just a drop in the ocean compared to how much Bitcoin is out there.  I mean do the math.  These guys cannot control the whole market. 

Sure, if one of them makes a big move, it will cause some ripples and people will react.  But sinking the whole ship? No way.  Thats just not realistic.  Bitcoin has gotten so big that no single person or group can have that much influence anymore.  Theres too much momentum behind it at this point. So in my opinion, it is silly to freak out about a few whales moving the price up and down.  Thats just short-term noise.   

Your friend lack exposure to financial system. Is he going to say the same thing if they open Vanguard and Blackrock portfolio to him, will he say he will hate Tesla and Microsoft for these two entities that dominate this stock and shares? I doubt know, so I think his argument is malnutrition without a quality reason for snubbing bitcoin. At least, he should have a concrete and solid reason and not CZ and the rest that are not even among rich list of bitcoin.

Micheal Saylor does own most of the coins under his management, it's people investment and it's his responsibility to look after because that's his job. As for CZ, bitcoin isn't the asset that made him along richest crypto dude, it's bnb and that coin depend on the growth of his exchange, it doesn't have anything to do with bitcoin. Craig Wright is just another lunatic disguiser that is wana be Satoshi but when nobody took him seriously, he is in one corner resting his legs without any influencing power again.

Bitcoin as far as i known is for everyone and even though just a few percentage of people know and use Bitcoin globally,  but then also we also have hard alot of bitcoin users who uses Bitcoin for day to day transactions, so even though you have all the money in the world,  bitcoin can still be a currency for transaction to for instead of taking it as a form of investment.

What your friend also need to do is to have a change of mindsets, because with his current understanding of what Bitcoin is and the possibilities of becoming dummied by the perceived whales as mentioned, the likely existence of that is not there so for sure Bitcoin price is volatile but through the volatility, one good thing has become available.

Each of us have our own reasons why we decided to do it. Your friend may be rich let's put it that way since you didn't explain or tell the level of how rich is your friend. You should ask your friend if there are other reasons why your friend isn't interested in Bitcoin. I respect your friend's decision but for people like us is that it is a good opportunity to earn money. Well, I wonder who would trust crypto right away after learning about it because I am sure that some people are anxious about spending their money to buy crypto at the beginning.

I believe @OP friend is already at a financial freedom status.  So @OP's friend think that he is not missing out on the opportunity if he will not invest in Bitcoin because he is already well-off and probably @OP's friend has business that is giving him way more profit than investing in Bitcoin.

My friend is also not into Bitcoin but he is getting richer each day because of his successful business and it is being franchised in different part of the country.

@OP's friend's argument makes sense, if only a few individual holds most of Bitcoin then, the market can crash instantly if these people decided to dump their holdings.


It is possible that @OP's friend got interested on Bitcoin in some point but then realized the distribution of coins and thinks that there are few individual that has the capacity to crash the market and got disappointed knowing it. 

Besides being interested does not mean the person will indulge himself on investing or using it.  Probably it is the curiosity that pique his interest and found out get disappointed on what he found out upon researching about Bitcoin.

I highly agree, we must respect others decision and point of view about Bitcoin investment and the Bitcoin market system.  Besides it is not our money that these people will use if they decided to invest but theirs.  So we actually should have no say on whatever they wanted to do with their money.

It is not everybody that hears about Bitcoin that will be interested in the benefits that it offers and that is normal and something that we have to come to terms with so that we do not keep forcing it down to this people to invest in Bitcoin. Rich and already successful people may not be interested in bitcoins because they have already set other investments and have their way around transactions across the border. It is difficult to convince a rich person about something new when you are not as successful as they are.