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"Crypto is Not Investment, Its Speculation"- Radio Host Dave Ramsey

coingape.com 10 January 2022 17:45, UTC
Reading time: ~2 m

Popular radio host Dave Ramsey has shared his opinion regarding Bitcoin as an investment. Especially seeing as recent talks of interest rates has meant quite a rocky kind of start to the New Year for cryptocurrencies in general, the budgeting and debt expert did not hold anything back as he waded in on the ever-present crypto debate.

Dave Ramsey Says Crypto Operates Around ” Get Rich Quick” Mentality

Dave Ramsey, who offers budgeting and debt advice, insists that crypto should not be regarded as an investment.

According to the host of the Ramsey Show, anything that will be regarded as an investment must have an historical data, something cryptocurrencies obviously lack. He opined that crypto is not an investment, but rather a speculative form of gambling.

Ramsey then explained further that digital currencies is a typical “get rich quick” scheme which has the capability of blinding people to the potential dangers inherent therein. He said:

“… it’s an unproven thing to put money into, and so, it’s not an investment. By definition an investment has a historical track record that you can plough into…”

Bitcoin Dips Below 40K, Sparks More Panic

Earlier on Monday, Bitcoin (BTC) dipped below the $40,000 mark for the first time since September 2021, sparking more fears amongst investors.

Recall that the downtrend began some six weeks ago, and in the short time, more than $333.5 billion was lost from the total market capitalization of crypto. However, the market capitalization has since Saturday bounced at $1.898 trillion keeping hopes alive.

Today’s dip however may be another indication that the worst is yet to be over, giving more credence to the line of thoughts that people like Dave Ramsey hold.

Any Real Hopes?

Many expert analysts have maintained that the ground floor for Bitcoin is around $30,000. According to one of these experts, BTC will still dip further, leaning towards the $30K mark before finally picking up to the highly predicted $100,000.

Dave Ramsey may also have a point bearing in mind that Bitcoin had no trading data in existence prior to the 2008 financial crisis.

However, it should be common knowledge that market’s recovery or wreck is absolutely based on what happens next in the global economy.

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