Financial guru Dave Ramsey advises whether to invest in Bitcoin or other cryptocurrencies – News Bitcoin News
Finance guru Dave Ramsey has given advice on whether to invest in cryptocurrencies like Bitcoin. Ramsey sees cryptocurrency as a get-rich-quick scheme and prefers to make your money the “methodical” and “boring” ways.
Dave Ramsey’s advice on investing in Bitcoin and other cryptocurrencies
Dave Ramsey has provided advice on cryptocurrency investing. Michael, from Dayton, Ohio, called the Ramsey Show and said that he had dealt with cryptocurrencies and asked if he should invest in it. The episode titled “Should I Invest in Cryptocurrency?” aired on May 20th. Michael is 24 years old and has saved $ 3,800 from his job. He said to Ramsey, “I just want to know what are the best investments to look at and where to go about them.”
Self-proclaimed personal money management expert Ramsey describes himself as “America’s Most Trustworthy Voice on 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 total, more than 11 million copies were sold.
“You have to set your investment goals around what you think is the best way to get rich or you wouldn’t be making the investment, would you?” Ramsey began. Michael agreed.
Ramsey went on to share his investment experience. “When I was 24, I made a lot of mistakes and bought things that I thought would get me rich quick and easy,” he explained, adding that he had, for example, “bought a lot of real estate” and ” went broke as a result. “
He also “bought gold futures” and put in all of the $ 5,000 he had at the time. He pursued the strategy of a “golden” who “had met his prediction 14 times in a row”. Ramsey would make $ 50,000 if that prediction met. “He missed that attempt, however, and my small fortune of $ 5,000 was simply evaporated based on my attempt to make $ 50,000 out of $ 5,000 in 90 days,” he shared.
Speaking of Bitcoin and cryptocurrencies, Ramsey said, “Bitcoin is hot. Crypto is hot. Lots of people are making a lot of money with it right now. “However, he emphasized,” As you said, Michael, it is very, very volatile and so for me, an old man, it falls under the heading of getting rich quick and I don’t have many people found who get rich quick. And I don’t like to lose money. ”Ramsay then advised:
Sure, you can do what you want, but you called here. We do not advise people to invest in highly volatile, unpredictable assets. And currencies of all kinds fall into this category. Bitcoin will be the most volatile among these, and crypto would be the most volatile among them.
Still, Ramsey acknowledged that there is an opportunity to make money from volatile assets. He referred to a guy who called his show and put $ 3,500 in Gamestop and made $ 50,000. The finance guru commented, “It was interesting to watch from outside.”
He said, “I think you have a better chance of Bitcoin than you do in the lottery, that’s all I’m saying, but both of these are stupid ideas on my head and I haven’t put any money into either of them. I’ve never bought a scratch card in my entire life. “
Reaffirming that he just doesn’t want to give his money away, Ramsey said, “If I want to have this fun, I’ll roll the window down, throw 100 dollar bills, and create traffic jams on the freeway. It’s more fun. ”He also stated:
Of course, anyone who’s a bitcoin genius right now thinks Dave Ramsey is an out-of-touch boomer, which is probably true, but I’m also worth several hundred million dollars, so let’s find out.
He then explained that investments depend on the investor’s risk tolerance and goal. He went on to compare beanie babies to BTC, stating that for him, “this is at the top of Bitcoin.”
“The thing is, Michael, you can invest in anything you want, but the data points tell us that people who get rich quick don’t. That’s the bottom line, ”said Ramsey.
“When you’ve studied 10,000 millionaires, the number of those who got rich quick is very, very, very few,” he affirmed, adding that they were “methodical, boring, and bad history for their golf course buddy to tell … they were just methodical, they were boring and that’s what I did. “
What do you think of Dave Ramsey’s advice on whether to invest in Bitcoin or other cryptocurrencies? Let us know in the comment section below.
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