![\"Financial](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2021\/05\/ramsey-768x432.jpg\")
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Financial guru Dave Ramsey has given advice on whether one should invest in cryptocurrencies, like bitcoin. Ramsey sees cryptocurrency as a get-rich-quick scheme, preferring to make his money in a \u201cmethodical\u201d and \u201cboring\u201d way.<\/strong><\/p>\n Dave Ramsey has given advice on cryptocurrency investing. Michael from Dayton, Ohio, called into The Ramsey Show saying that he had been looking into cryptocurrency and asked whether he should be investing in it. The episode, entitled \u201cShould I Invest in Cryptocurrency?\u201d was aired on May 20. Michael is 24 years old and has saved up $3,800 from working his job. He told Ramsey: \u201cI just want to know what are the best investments to really look at and where to go about it.\u201d<\/p>\n The self-proclaimed personal money management expert, Ramsey calls himself \u201cAmerica\u2019s trusted voice on money.\u201d He is the author of seven best-selling books: Financial Peace, More Than Enough, The Total Money Makeover, EntreLeadership, Dave Ramsey\u2019s Complete Guide to Money, The Legacy Journey, and Smart Money Smart Kids. Altogether, they have sold more than 11 million copies.<\/p>\n \u201cYou have to set your investment goals with what you believe is your best path to becoming wealthy, otherwise you wouldn\u2019t do the investment, right?\u201d Ramsey began. Michael agreed.<\/p>\n Ramsey proceeded to share his investment experience. \u201cWhen I was 24, I made a lot of mistakes, buying things that I thought would make me wealthy, quickly and easily,\u201d he detailed, adding that for example, he \u201cbought a lot of nothing-down real estate\u201d and \u201cwent broke as a result.\u201d<\/p>\n He also \u201cbought gold futures,\u201d putting all of his $5,000 he had at the time in it. He followed the strategy of a \u201cgold guy,\u201d who \u201chad hit 14 times in a row on his prediction.\u201d Ramsey stood to make $50K if this prediction hit. However, \u201che missed on that try and my little bitty $5,000 net worth was just evaporated based on my attempt to make $50K in 90 days off of $5,000,\u201d he shared.<\/p>\n Turning to bitcoin and cryptocurrencies, Ramsey described: \u201cBitcoin\u2019s hot. Crypto\u2019s hot. A lot of people are making a lot of money on it right now.\u201d However, he emphasized: \u201cIt is as you said, Michael, very very volatile and so it falls for me, an old guy, under the heading of getting rich quick and I have not found many people that get rich quick. And I don\u2019t like losing money.\u201d Ramsay then advised:<\/p>\n You can certainly do what you want to do but you called here. We do not tell people to invest in highly volatile, unpredictable investments. And currencies of any kind fall in that category. Bitcoin will be the most volatile among those, crypto would be the most volatile among those.<\/p>\n<\/blockquote>\n Nonetheless, Ramsey acknowledged that there is a chance of making money with volatile assets. He referenced a guy who called into his show, who put $3,500 into Gamestop and made $50,000. The finance guru commented, \u201cIt was interesting to watch from the outside.\u201d<\/p>\n He opined: \u201cI think you\u2019ve got a better shot at bitcoin than you do the lotto, that\u2019s all I\u2019m saying, but both of them are dumb ideas in my mind and I didn\u2019t put any money in either one of them. I\u2019ve never bought a scratch-off ticket in my entire life.\u201d<\/p>\n Reiterating that he just doesn\u2019t like giving his money away, Ramsey said that \u201cIf I\u2019m gonna have fun that way, I\u2019m gonna roll down the window, throw $100 bills and cause traffic jams going down the interstate. That\u2019s more fun.\u201d He further noted:<\/p>\n Of course everybody that\u2019s a bitcoin genius right now thinks Dave Ramsey\u2019s an out of touch boomer, which is probably true, but I\u2019m also worth several hundred million dollars so let\u2019s go figure that out.<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n He then discussed that the investments depend on the investor\u2019s risk tolerance and goal. He proceeded to compare beanie babies to BTC<\/a>, stating that for him, \u201cthat\u2019s right up there in bitcoin.\u201d<\/p>\n \u201cThe thing is, Michael, you can invest in whatever you want but the data points tell us that people who do get rich quick don\u2019t. That\u2019s the bottom line,\u201d Ramsey said.<\/p>\n \u201cOut of studying 10,000 millionaires, the number of them that got rich quick is very, very, very small,\u201d he affirmed, adding that they were \u201cmethodical and boring and didn\u2019t have a good story to tell their golf course buddy \u2026 they just were methodical, they were boring and that\u2019s what I\u2019ve done.\u201d<\/p>\nDave Ramsey\u2019s Advice on Investing in Bitcoin and Other Cryptocurrencies<\/h2>\n
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