Personal finance guru Dave Ramsey gave bitcoin advice to a man who made more than $ 100,000 by investing just $ 1,500 in the cryptocurrency. Ramsey has repeatedly expressed his doubt that bitcoin can be withdrawn, calling the cryptocurrency “funny money”. He recommends selling bitcoin immediately.
Dave Ramsey suspected of Bitcoin
Famous radio host and bestselling author Dave Ramsey gave bitcoin advice on his Dave Ramsey show, which aired on Wednesday. Daniel, from Salt Lake City, Utah, called the program to listen to Ramsey’s advice, as his income was about to drop when he returned to school. Daniel mentioned that he invested about $ 1,500 in bitcoin in 2014 and has earned about $ 120,000 from it so far.
The self-proclaimed personal money management expert, Ramsey calls himself “America’s trusted voice over money”. He is the author of seven bestsellers: Financial Peace, More Than Enough, The Total Money Makeover, EntreLeadership, Dave Ramsey’s Complete Guide to Money, The Legacy Journey and Smart Money Smart Kids. In all, they sold more than 11 million copies.
Daniel explained that because the investment in bitcoin was small, he “just bought it” and “just left it”, noting that “he never did anything with it”. He asked Ramsey his opinion on the investment.
“Are you saying you can cash out today for 100,000?” Ramsey asked the bitcoin investor quickly. “For sure,” he replied.
Ramsey began to educate the man. “There is a process in finance called sunk cost analysis. If you don’t cash out this morning, you will have invested $ 100,000 in bitcoin. It must frighten your brains out, ”he exclaimed. “It’s not $ 1,500, it’s $ 100,000, every day you leave it there, you’re reinvesting it again.” The famous radio host said:
At dusk, man, take it off.
He added that bitcoin “exceeds 50% of its damn net worth. It’s on the roulette table, in a roll of dice ”, reiterating:
If you can really cash out and find out this is funny money, but I hope you can … I hope you can cash out when you do that tonight.
“I am suspicious when I hear that $ 1,500 becomes $ 100,000. I am very suspicious, ”he continued. “I hope you don’t find other things when you try to cash out. But those numbers are bizarre. “
Ramsey further warned the man that “If you are able to cash out, the other danger is that you really did that shit once and it will tempt you to do it again.”
In conclusion, he said, ultimately, “You do what you want, but I’m not a fan of ultra high-risk investments and, at the very least, that’s what we would call bitcoin.”
What do you think of Dave Ramsey’s advice on bitcoin? Let us know in the comments section below.
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