Dave Ramsey was seen advising people whether they should invest in crypto, especially Bitcoin, or not. While advising Ramsey named crypto investment as a scheme of “get-rich-quick”.
The famous Ramsey Show was being aired when a caller namely Michael from Ohio called the host and asked a particular question about Bitcoin. The caller inquired from Dave Ramsey whether it is good for him to invest either in Bitcoin or any other specific cryptocurrency. The theme of the program for that particular episode was also kept as “Should you invest in crypto?” and was broadcasted on 20th May 2021.
Michael, stretched his question and asked further if he could be advised where he can put his money for a better outcome. He told that he had been saving the money from his day job and had US$ 3,800, which he wanted to invest.
Ramsey, who is regarded as a financial guru, also claims himself to be the most reliable voice regarding money in the US. To his credit, there are seven compilations of books that Ramsey had authored singly. All of the seven books were best-selling books and collectively 11 million pieces of the books had been sold so far.
In response to Michael, Ramsey advised him that he should first set up his ambitions and goals and what he actually wants to be. He suggested that if the path is unclear then Michael cannot make good use of the investment available to him. To this initial advice, Michael gladly agreed.
Thereafter, Ramsey told Michael about the investment strategies and the experience he gained through trading. He told the caller that at a very young age like 24, he had already made so many mistakes of which he was glad. He said that he often ended up acquiring assets that he thought would return him high profits. He gave an example where he invested a lot in the real estate sector. But his adventure did not go well and in fact, he succumbed to huge losses.
He then told Michael that he thereafter invested in precious metals and particularly invested in gold futures. At that time he had with him US$ 5,000 and he invested all of it in there. However, again, his investment strategy ended up flop and as a result, he lost all the money. But he continued to learn from his own mistakes and gradually learned the art of successful trading, shared Ramsey.
Ramsey then moved on to crypto and Bitcoin and told the caller that Bitcoin is something that shouldn’t be ignored at all. He told the call there is a huge number of people who are actually making piles of money through Bitcoin investment. He then advised Michael that though Bitcoin is volatile, which he agrees, it is a “get-rich-quick” scheme.
Before ending the call, Ramsey advised the caller that “the money is yours and at the end of the day you have to decide what you want to do with it. But since you have called in here and sought the advice, then for me investing in crypto is a fair option.”