Personal finance guru Dave Ramsey has advised Bitcoin to a man who made more than $ 100,000 by investing just $ 1,500 in a cryptocurrency. Ramsey repeatedly expressed his suspicion that bitcoin could be cashed, calling the cryptocurrency “funny money”. He immediately recommends selling bitcoins.
Dave ramsey suspected of bitcoin
Dave Ramsey, host of the famous radio show and best-selling author, gave advice about bitcoin in his Dave Ramsey show aired on Wednesday. Daniel from Salt Lake City, Utah called Ramsay on the show to advise him as his income was going to go back when he went to school. Daniel mentioned that he invested about $ 1,500 in bitcoin in 2014 and has earned about $ 120,000 so far.
A self-proclaimed personal wealth management expert, Ramsey calls himself “America’s trusted voice on money”. He is the author of seven best-selling books: Financial Peace, More and More, Total Money Makeover, EntreLeadership, Dave Ramsey’s Complete Guide to Money, The Legacy Journey, and Smart Money Smart Kids. In total, they have sold over 11 million copies.
Daniel explained that since Bitcoin’s investment was small, they “bought it” and “just dumped it,” noting that they “never did anything with it.” He asked Ramsey for his idea on investment.
“Are you saying that you can cash it in for 100 grand today?” Ramsey quickly asked the bitcoin investor. “Certainly,” he answered.
Ramsay went on to educate the man. “There is a process in finance called fad cost analysis. If you did not cash it today, in the morning, you would have invested $ 100,000 in bitcoin. That should scare your mind, “he said.” It’s not $ 1,500, it’s $ 100,000, every day when you leave it there, you’re working on it again. “Famous radio show host Then advised:
By night, man, this cash.
He said that bitcoin is “more than 50% of your fretting net worth.” It is on the roulette table on a roll of the dice, “repeating:
If you can really cash it and you might find out it’s weird money, but I hope you can … I hope you cash it when you go to do it tonight can do.
“I doubt when I hear $ 1,500 for $ 100,000. I really doubt it, ”he said. “I hope you won’t find other things when you try to cash it. But those numbers are bizarre.”
Ramsey further warned the man that “if you’re able to cash in on it, the other danger is that you’ve actually pulled this shit once and it’s tempting you to do it again.”
Finally, he said that after all, “whatever you want to do but I’m not a fan of ultra high-risk investments, and at least we say bitcoin.”
What do you think of Dave Ramsy’s advice about bitcoin? Let us know in the comments section below.
Image credit: Shutterstock, Picabee, Vicky Commons, Dave Ramsey
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