- Dave Ramsey calls crypto gambling, insists it’s “dumber than crap.”
- Crypto compared to commodities and gambling, not a proven investment.
- Ramsey warns trendy investors lose money chasing risky digital currencies.
American financial commentator Dave Ramsey has intensified his criticism of cryptocurrency, branding it “dumber than crap” and dismissing it as nothing more than gambling. His blunt remarks came during a recent episode of The Ramsey Show, where he shared his stance on digital assets.
According to a video excerpt published by the @DiscoverCrypto_ X account, Ramsey stressed that cryptocurrency is not a proven investment. He claimed that it just acts as a commodity, like gold or oil, which he claimed are never reliable investments. Ramsey indicated that he is not investing in oil rigs, which makes his statement on crypto quite obvious.
Other than referring to it as a commodity, Ramsey acknowledged that crypto is a currency too, but very short-term. He clarified that he does not invest in any form of currency at all, as he also does not trade in the Japanese yen or the old Deutsche Mark.
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Ramsey Warns Against Trendy Crypto Investing
While acknowledging crypto’s place as a digital currency, Ramsey compared investing in it to gambling. He mentioned that several individuals fall into the trap of seeming cool, but they predominantly suffer losses. To him, this is more of a fetish than good financial judgment in regard to digital coins.
He explained his argument using a stinging analogy: purchasing crypto is comparable to investing in emus rather than cattle. Previously, cattle were regarded as one of the most valuable assets, whereas emus were regarded as useless investments. In Ramsey’s case, digital currencies are in the same impractical category.
Further, he also concluded that crypto would gain a legitimate position sometime in the future if it develops a longer track record. However, at the moment, he rejects it as wild theorizing and cautions that it is not a good investment option for sophisticated investors.
Ramsey’s harsh remarks accentuate his unreserved doubt about cryptocurrency. While he concedes it functions as a currency, he remains convinced that investing in it is no different from gambling and insists it is a financial mistake.
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