Personal finance guru Dave Ramsey (Dave Ramsey) gave advice about Bitcoin to a man who made $100,000 by investing $1,500 in cryptocurrency. Ramsey has repeatedly expressed his doubts that Bitcoin can be cashed out, calling this cryptocurrency “interesting money.” He suggested selling bitcoin immediately.
Dave Ramsey suspicious Bitcoin
The famous radio presenter and best-selling author Dave Ramsey provided advice on Bitcoin in the Dave Ramsey show that aired on Wednesday. Daniel (Daniel) from Salt Lake City, Utah participated in the show to ask Ramsey (Ramsey) for advice, because when he returns to school, his income will fall. Daniel mentioned that he invested about $1,500 in Bitcoin in 2014 and has made a profit of about $120,000 so far.
Ramsey, a self-proclaimed personal financial expert, called himself “the trusted voice of American financial management.” He is the author of seven best-selling books: “Financial Peace”, “enough money” and “completely change the money”, “EntreLeadership”, “Dave Ramsey’s Money Guide” first, “Traditional Tour” and “smart The Smart Kids with Money. They sold 11 million copies in total.
Daniel explained that because the Bitcoin investment was small, he “just bought” and “only left”, noting that he “never did anything.” He asked Ramsey (Ramsey) to comment on this investment.
“Are you saying you can cash out 100 grants today?” Ramsey quickly asked Bitcoin investors. “Of course,” he answered.
Ramsey began to educate this man. “There is a process in finance called sunk cost analysis. If you don’t cash out today, then by the morning you will invest $100,000 in Bitcoin. This should scare your brain. “This is not $1,500, but $100,000 , Leave it there every day, and you will invest in it again. The famous radio host then suggested:
At dusk, man, cash it out.
He added that Bitcoin “is over 50% of your incredible net worth. At the roulette table, on a roll of dice,” reiterated:
If you can cash it in, and you may find it is a ridiculous amount of money, but I hope you can… I hope you can cash it when you do it tonight.
“When I heard that $1,500 became $100,000, I was very skeptical. I really doubted,” he continued. “I hope there will be nothing more when you try to cash out. But these numbers are strange.”
Ramsey further warned the man: “If you can cash out, then another danger is that you have actually cancelled the nonsense once, which will entice you to do it again.”
In the end, he said, in the end, “you can do whatever you want, but I don’t like super high-risk investments, at least we call it Bitcoin.”
What do you think of Dave Ramsey’s proposal for Bitcoin? Let us know in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Dave Ramsey
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