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By investing just $ 1,500 in cryptocurrency, personal finance guru Dave Ramsey has offered advice on bitcoin to a person who has earned over 000 100,000. Ramsay has repeatedly expressed suspicion that Bitcoin could be expelled, calling cryptocurrency “fun money”. Recommends to sell Bitcoin immediately.
Dave Ramsey is skeptical of bitcoin
Celebrity radio presenter and best-selling author Dave Ramsay gave advice on bitcoin on his Dave Ramsay show, which aired Wednesday. Daniel, from Salt Lake City, Utah, was invited to the show to seek Ramsey’s advice as his income would drop when he returned to school. Daniel noted that he had invested about $ 500,500 in Bitcoin in 2014 and has so far made $ 120,000 in discounts.
Ramsay, a self-proclaimed personal money management expert, calls himself “America’s trusted voice on money”. He is the author of seven best-selling books: Financial Peace, Making Money More Than Enough, Entrepreneurship, The Complete Guide to Dave Ramsey’s Money, The Legacy Journey and Smart Money Smart Kids. In total, they have sold more than 11 million copies.
Daniel explained that he “bought it” and “gave it up” because Bitcoin’s investment was small, and he noted that “it had nothing to do with it”. He asked Ramsay for his views on the investment.
“Are you saying you can get it for cash today for 100 grants?” Ramsay quickly asked the Bitcoin investor. “Of course,” he replied.
Ramsay educated the man. “There’s a process in the fund called the sinking cost analysis. If you hadn’t monetized it today, in the morning, you would have invested 000 100,000 in Bitcoin. It should scare your brain,” he shouted. Every day when you leave it, you reinvest it. “The popular radio host then advised:
By nightfall, dude, monetize it.
Bitcoin is “more than 50% of your worst net worth,” he said. It’s on the roulette table, on a roll of dice, ”he reiterates:
If you can really monetize it, you may find it funny, but I hope you can… I hope you can monetize it when you go to do it tonight.
“I doubt it will turn out to be $ 1,500 to $ 100,000. I really doubt it,” he continued. But those numbers are bizarre. ”
Ramsay further warned the man, “If you can monetize it, the other risk is that you actually pulled this trick once and it will motivate you to do it again.”
In the end, he finally said, “Do what you want to do, but I’m not a fan of high risk investments, at least we call it Bitcoin.”
What do you think of Dave Ramsay’s advice on bitcoin? Let us know in the comments section below.
Image credit: Shutterstock, Pixie, Vicky Commons, Dave Ramsey
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