BTC, dave ramsey bitcoin, dave ramsey bitcoin advice, dave ramsey btc, dave ramsey crypto, dave ramsey cryptocurrency, financial guru, financial guru bitcoin, financial guru btc, personal finance, personal finance bitcoin

Personal finance guru Dave Ramsey has given advice about bitcoin to a man who made over $100,000 by investing just $1,500 in the cryptocurrency. Ramsey repeatedly expressed his doubt that bitcoin can be cashed out, calling the cryptocurrency “funny money.†He recommends selling bitcoin immediately.

Dave Ramsey Suspicious of Bitcoin

Famous radio show host and best-selling author Dave Ramsey gave advice about bitcoin on his Dave Ramsey show aired on Wednesday. Daniel from Salt Lake City, Utah, called into the show to get Ramsey’s advice as his income was about to drop when he goes back to school. Daniel mentioned that he invested about $1,500 in bitcoin in 2014 and has made about $120,000 off of it so far.

The self-proclaimed personal money management expert, 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. Altogether, they have 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 view on the investment.

“Are you saying you can cash it out today for 100 grand?†Ramsey quickly asked the bitcoin investor. “For sure,†he replied.

Ramsey proceeded to educate the man. “There’s a process in finance called sunk cost analysis. If you don’t cash it out today, in the morning, you would have invested $100,000 into bitcoin. That should scare your brains out,†he exclaimed. “It’s not $1,500, it’s $100,000, every day you leave it there, you are reinvesting into this again.†The famous radio host then advised:

He added that bitcoin is “going over 50% of your freaking net worth. It’s on the roulette table, on one roll of the dice,†reiterating:

“I’m suspect when I hear $1,500 turns into $100,000. I’m really suspect,†he continued. “I hope you don’t find other things when you go try to cash it out. But those numbers are bizarre.â€

Ramsey further cautioned the man that “If you are able to cash it out, the other danger is that you actually pulled off this crap once and it’s gonna tempt you to do it again.â€

In conclusion, he said that ultimately, “You do whatever you want to do but I am not a fan of ultra high-risk investments, and at a minimum that’s what we would call bitcoin.â€

What do you think of Dave Ramsey’s advice about bitcoin? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Du lịch nhật bản, hướng dẫn du lịch Nhật và đánh giá địa điểm Nhật Bản Japan travel news, japan travel guides, japan holiday destinations and japan reviews

RELATED NEWS

Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

An official notice stemming from the Changji prefecture government in Xinjiang details that officials from the Zhundong Economic-Technological Development Park must instruct bitcoin miners to shut down. China’s province of Xinjiang is a highly concentrated region of bitcoin miners and bitcoin activities at the park must cease by June 9, according to the document. Nevertheless, […]

Xem chi tiết: Report: Document Shows Specific Bitcoin Miners in Xinjiang Instructed to Shut Down

Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Two months after the mystery mining whale from 2010 transferred a string of 20 block rewards with 1,000 bitcoin on March 23, it seemed as though the entity was finished, after spending 10,000 bitcoin total. However, it took 78 days for the whale’s next move, as another 20 blocks from 2010 were transferred on Wednesday […]

Xem chi tiết: Mystery Whale Returns by Moving $35 Million — Miner Transfers 1,000 ‘Sleeping Bitcoins’ from 2010

Crypto Payments App Bottlepay Is Now Available Across Europe

U.K.-based crypto payments provider Bottlepay has started offering services in other European countries. Users on the Old Continent will be able to send and receive even small amounts of euro and also buy, store and spend bitcoin with merchants accepting cryptocurrency. Bottlepay Promises Low-Cost Transactions in Euro and Bitcoin The Bottlepay app will allow Europeans […]

Xem chi tiết: Crypto Payments App Bottlepay Is Now Available Across Europe

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Tim Wu, top advisor to the Biden administration on technology and competition policy, holds more than $1 million in cryptocurrency, shows a recently filed financial disclosure. The antitrust expert, who is known as a prominent big tech critic, has in the past questioned the value of bitcoin. Top Biden Advisor Tim Wu Is a Bitcoin […]

Xem chi tiết: White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Tim Wu, top advisor to the Biden administration on technology and competition policy, holds more than $1 million in cryptocurrency, shows a recently filed financial disclosure. The antitrust expert, who is known as a prominent big tech critic, has in the past questioned the value of bitcoin. Top Biden Advisor Tim Wu Is a Bitcoin […]

Xem chi tiết: White House Tech Advisor Tim Wu Keeps at Least $1 Million in Bitcoin

Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

Investment scams have been by far the most common type in Australia recently, a new report by the country’s consumer watchdog has revealed. And while a growing number of Australians fall victim to fraudulent schemes involving cryptocurrency, bank transfers remain the scammers’ favorite way to extract money. Australians Lose $670 Million to Scammers in a […]

Xem chi tiết: Scammers Pick Bank Transfers Over Cryptocurrency, Australian Report Reveals

As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

Onchain data indicates that bitcoin transactions per day have plummeted to lows not seen since October 2018. Further, bitcoin transaction fees have dropped 93% after touching a high of $62 per transaction in April 2021. Bitcoin Daily Transaction Rate Dips by 35%, Google Trends Data Shows Interest Has Dropped Since May While bitcoin (BTC) prices […]

Xem chi tiết: As Crypto Interest Winds Down Bitcoin’s Daily Transaction Rate Plummets to Two-Year Lows

Bitcoin.com Games Player Gets Lucky Big Time, Wins 5 BTC on Popular Online Slot

Player cashes out approximately $180,000 after winning it on Sun of Fortune: Hold the Jackpot! Multiple Wins Result in a Total Bank of Over 5 BTC The weather was perfect, with just enough sunshine to warm up one lucky player starting a gaming session on the newly released game, Sun of Fortune: Hold the Jackpot. […]

Xem chi tiết: Bitcoin.com Games Player Gets Lucky Big Time, Wins 5 BTC on Popular Online Slot

Two-Fifths of Australian Millennials Prefer Crypto Investments Over Real Estate

Out of Thousands of MIT Students That Got Free Bitcoin in 2014 – 6 Year Holders Saw 13,000% Gains

Clean Water Nonprofit Reveals Celebrity-Fueled Bitcoin Water Trust Initiative

US Pharmacy Chain Pharmcorx Accepts Cryptocurrency for Fast Covid Testing

Tony Hawk Purchased Bitcoin in 2012 After Reading About the Silk Road Marketplace

South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges

Crypto Consolidation Continues — Bitcoin’s Attempt to Rise Above Psychological Levels Falls Short

Artists Plan to Erect a Bronze Satoshi Nakamoto Statue in Budapest to Honor Bitcoin’s Creator

Other Articles