Monetary Guru Dave Ramsey Doubts Bitcoin Can Be Cashed Out — Advises BTC Investor to Promote Now
Personal finance guru Dave Ramsey gave advice about Bitcoin 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 Ramsey repeatedly voiced his doubts that Bitcoin could be withdrawn, calling the cryptocurrency “fun money”.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, from Salt Lake City, Utah, called on the show to seek 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.
Ramsey, the self-proclaimed expert in personal money management, calls himself “America’s Most Trustworthy 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’s 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 that 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 will 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.
Tags in this story
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
Photo credit: Shutterstock, Pixabay, Wiki Commons, Dave Ramsey
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or an invitation to submit an offer to buy or sell, or a recommendation or approval of products, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.