Personal finance guru Dave Ramsey gave advice on bitcoin to a man who earned more than $ 100,000 by investing just $ 1,500 in the crypto-currency. Ramsey has repeatedly expressed his doubts that bitcoin can be paid out, calling the cryptocurrency ‘funny money’. He recommends that you sell bitcoin immediately.
Dave Ramsey Suspects Bitcoin
Well-known radio program presenter and best-selling author Dave Ramsey gave advice on bitcoin in his Dave Ramsey program on Wednesday. Daniel from Salt Lake City, Utah, called in the program to seek Ramsey’s advice, as his income was about to decline 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 expert on personal money management, Ramsey, calls himself ‘America’s trusted voice on money’. He is the author of seven best-selling books: 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, they sold more than 11 million copies.
Daniel explained that since the bitcoin investment was small, he “just bought it” and “just left it”, noting that he “never did anything with it.” He asked Ramsey for his views on the investment.
“Are you saying you can pay it out for 100 grand today?” Ramsey quickly asked the bitcoin investor. “For sure,” he replied.
Ramsey continues to educate the man. ‘There is a process in finance called solar cost analysis. If you did not pay it out this morning, you would have invested $ 100,000 in bitcoin. It should scare your brain, ”he exclaimed. “It’s not $ 1,500, it’s $ 100,000. Every day you leave it there, you invest in it again.” The well-known radio program provider then advised:
By evening, dude, deserve it.
He added that bitcoin ‘is more than 50% of your freaking net worth. It is on the roulette table, on one dice, ”repeats:
If you can really pay it out and you can see that it’s funny money, but I hope you can … I hope you can pay it out if you’re going to do it tonight.
‘I suspect when I hear that $ 1,500 turns into $ 100,000. I am really suspicious, “he continued. ‘I hope you do not find other things when you try to pay them out. But these numbers are bizarre. ‘
Ramsey further warned the man: “If you can pay it out, the other danger is that you have pulled this shit off once and it will tempt you to do it again.”
Finally, he said that “You’re just doing what you want to do, but I’m not a fan of ultra-high risk investments, and that’s at least what we would call bitcoin.”
What do you think of Dave Ramsey’s advice on bitcoin? Let us know in the comments below.
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