Personal finance guru Dave Ramsey has weighed in on the collapse of digital currency exchange FTX. “I told you,” he repeatedly said, repeating the long-standing advice that investors should not put money into crypto.
Dave Ramsey on Bitcoin, Crypto, and FTX Collapse
Personal finance guru and CEO of Ramsey Solutions Dave Ramsey weighed in on the implosion of cryptocurrency exchange FTX in an episode of the Dave Ramsey Show, published Friday.
Ramsey, a self-proclaimed personal money management expert, calls himself “America’s trusted voice on money.” He is the author of seven bestselling books that have sold more than 11 million copies in total.
A longtime bitcoin and crypto skeptic, Ramsey called BTC “funny money” in December 2020. He too expressed doubt that bitcoin can be cashed out, advising investors to sell their coins now. In January, he said crypto is happy and here to say but should only be a small part of the “for entertainment” portfolio.
Referring to his warning about crypto, the self-proclaimed personal finance expert said “I told you so” several times during his show that was published Friday. He warned:
I get so much crap from Bitcoin bros… They are pretty much like Mary Kay for young people… They can’t listen to anything. The brain shuts down if you don’t do its job.
Ramsey added that every time he asks, “don’t do crypto,” he’s inundated with responses like “I’m stupid. I’m a boomer. I’m out of touch. I don’t understand.
He then read out a news article that likens FTX and its former CEO Sam Bankman-Fried to Enron fraud and Bernie Madoff’s Ponzi scheme. Cryptocurrency exchange files for Chapter 11 insolvent protection last week.
Noting that FTX is facing a criminal investigation in the Bahamas, Ramsey commented: “If you can get the Bahamians upset enough about you that they chase you – because they’re a laid-back bunch – I’m just saying you win. They’re pissed off that you’ve really stepped on it.” “. The Bahamian securities regulator has taken action to frozen FTX cryptocurrency.
This is a straight-up thief.
Ramsey went on to quote some crypto proponents who told him in the past: “Dave, come on, at what point, Boomer, are you going to wake up to this new and shiny thing, you don’t know what you’re talking about. tell people to away from this, I have made…” He continued:
Where is your money now? Mr. Goreng took it.
“It’s all in the news for the last 48 hours. This could be the biggest fraud and theft in human history,” he said.
While expressing his distaste for “excessive regulation” of his money, the personal finance guru admitted: “I like a little, and now you don’t expect you to have a little regulation with Sam Bankman FTX. -Fry.”
In conclusion, Ramsey said:
I hate that you lost money, but I told you not to do this.
“I just hate the spirit of this stuff and what it does to people because they get sucked into it and then they get their heads ripped out,” he said.
After the collapse of FTX, more and more MPs are calling for it tighter crypto regulation. While some analysts have warned about risk of contagion to the entire crypto ecosystem, many people are still optimistic about the future of the industry. SaviorPresident ‘s said Thursday that the country will start buying BTC every day. Shark Tank star Mark Cuban explained that the implosion of FTX is not a crypto blowup while the CEO of Tesla Elon musk said bitcoin will make it. Kraken CEO Jesse Powell explained: “The damage here is huge … We’ve been trying to undo this for years.”
What do you think of Dave Ramsey’s comments? Let us know in the comments section below.
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