Financial guru Dave Ramsey says crypto is “fun” and can be a small part of investment portfolios. “It’s a commodity. Is it going to be around? Sure, it’s going to be around,” Ramsey said.
Dave Ramsey Now Considers Cryptocurrency a Commodity That Is Here to Stay
Personal finance guru and Ramsey Solutions CEO Dave Ramsey discussed bitcoin and his new book titled “Baby Steps Millionaires” in an interview with Maria Bartiromo on Fox Business Tuesday.
Bartiromo asked him: “I know that you warned against crypto. You called it a get-rich-quick investment. Are you telling us that we do not have any exposure to crypto?” Ramsey replied:
No, as long as the exposure is money you can afford to lose, whatever you want to do with that.
However, he cautioned: “We’ve got people mortgaging their homes. We’ve got people taking their retirement out of their 401k and dumping it into crypto as if it is a proven process to build wealth.”
While noting that “It’s just not a proven process,” he stressed:
It’s a commodity. Is it going to be around? Sure, it’s going to be around.
He elaborated: “I think it’s kind of fun. I enjoy watching the whole thing and all that. But, it’s an anomaly on the side. It shouldn’t be a big part of a personal financial plan to build wealth. It could be a small part — for entertainment.”
Ramsey has come a long way in his view regarding bitcoin and cryptocurrency. In December 2020, he expressed his doubt on the Dave Ramsey Show that $100,000 in BTC could be cashed out. “If you really can cash it out and you might find out that this is funny money but I hope you can,” he said.
He told his listeners in April last year: “I would cash it all out tomorrow. I wouldn’t have been in it in the first place though.” In May last year, he explained: “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.”