Personal finance guru Dave Ramsey gave Bitcoin advice to a man who made over $ 100,000 by investing just $ 1,500 in the cryptocurrency. Ramsey repeatedly voiced his doubts that Bitcoin could be withdrawn, calling the cryptocurrency “fun money”. He recommends selling Bitcoin right away.
Dave Ramsey suspicious of Bitcoin
Famed radio show host and bestselling author Dave Ramsey gave advice on Bitcoin on his Dave Ramsey show, which aired Wednesday. Daniel, of Salt Lake City, Utah, called on the show for Ramsey’s advice, as his income would go down when he went back to school. Daniel mentioned that he invested about $ 1,500 in Bitcoin in 2014 and has made about $ 120,000 from it so far.
Self-proclaimed personal money management expert, Ramsey, calls himself “America’s Trusted Voice for Money.” He is the author of seven best-selling books: Financial Peace, More Than Enough, Total Money Makeover, EntreLeadership, Dave Ramsey’s Complete Guide to Money, The Legacy Journey, and Smart Money Smart Kids. In total, they have sold more than 11 million copies.
Daniel stated that since the Bitcoin investment was small, he “just bought” it and “just left” and noted that he “never did anything with it”. He asked Ramsey for his opinion on the investment.
“Are you saying you can cash it out for 100 grand today?” Ramsey was quick to ask the bitcoin investor. “Sure,” he replied.
Ramsey went on to raise the man. “There is a process in the financial industry called Sunk Cost Analysis. If you don’t cash it out this morning, you would have invested $ 100,000 in Bitcoin. That should scare your brain, ”he exclaimed. “It’s not $ 1,500, it’s $ 100,000. Every day you leave it there, you invest back into this project.” The famous presenter of the radio show then advised:
When it gets dark, dude, get it.
He added that Bitcoin is “over 50% of your damn net worth. It’s on the roulette table, on a roll of the dice, ”he repeats:
If you can really cash it out, and you might find out this is fun money, but I hope you can … I hope you can cash it out if you do it tonight.
“I am suspicious when I hear that $ 1,500 is going to become $ 100,000. I’m really suspicious, ”he continued. “I hope you won’t find other things if you try to pay them off. But these numbers are bizarre. “
Ramsey went on to warn the man, “If you can cash it off, the other danger is that you’ve actually pulled that crap once and it’ll tempt you to do it again.”
He concluded by saying, “You do whatever you want, but I’m not a fan of extremely high risk investments, and at least we’d call it bitcoin.”
What do you think of Dave Ramsey’s advice on Bitcoin? Let us know in the comments below.
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