Financial Guru Dave Ramsey Weighs in on FTX Collapse — Reiterates His Crypto Warning – Featured Bitcoin News
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Private finance guru Dave Ramsey has weighed in on the collapse of cryptocurrency trade FTX. “I told you so,” he repeatedly mentioned, reiterating his long-standing recommendation that buyers mustn’t put cash into crypto.
Dave Ramsey on Bitcoin, Crypto, and the FTX Collapse
Private finance guru and Ramsey Options CEO Dave Ramsey weighed in on the implosion of cryptocurrency trade FTX in a Dave Ramsey Present episode, revealed Friday.
Ramsey, a self-proclaimed private cash administration professional, calls himself “America’s trusted voice on money.” He’s the writer of seven best-selling books which have offered greater than 11 million copies altogether.
A longtime bitcoin and crypto skeptic, Ramsey referred to as BTC “funny money” in December 2020. He additionally expressed his doubt that bitcoin may very well be cashed out, advising buyers to promote their cash now. In January, he mentioned crypto is enjoyable and right here to say however ought to solely be a small a part of a portfolio “for entertainment.”
Referencing his warning about crypto, the self-proclaimed private finance professional mentioned “I told you so” a number of instances throughout his present that was revealed Friday. He recalled:
I received a lot crap from the Bitcoin bros … They’re just about like Mary Kay for younger males … They’ll’t take heed to something. Their brains are turned off if you happen to’re not going to do their factor.
Ramsey added that each time he suggested, “don’t do crypto,” he received flooded with responses like “I’m an idiot. I’m a boomer. I’m out of touch. I don’t understand.”
He then learn out a information article that likens FTX and its former CEO Sam Bankman-Fried to the Enron fraud and Bernie Madoff’s Ponzi scheme. The cryptocurrency trade filed for Chapter 11 chapter safety final week.
Noting that FTX is going through a legal probe within the Bahamas, Ramsey commented: “If you can get the Bahamians upset enough about you that they go after you — because they’re a pretty laid-back bunch — I’m just saying you get them pissed off you have really stepped in it.” The Bahamas securities regulator has taken motion to freeze FTX’s cryptocurrencies.
Ramsey exclaimed:
It’s straight-up thievery.
Ramsey proceeded to cite some crypto proponents telling him prior to now: “Dave, come on, at what point, Boomer, are you going to wake up to this new and shiny wonderful thing, you don’t know what you’re talking about telling people to stay away from this, I’ve already made…” He continued:
The place is your cash now? Mr. Fried took it.
“It’s all over the news for the last 48 hours. This may be the biggest fraud and theft in human history,” he harassed.
Whereas expressing his dislike for “over-regulation” relating to his cash, the private finance guru admitted: “I do like a wee bit, and right now aren’t you wishing you had a wee bit of regulation with FTX’s Sam Bankman-Fried.”
In conclusion, Ramsey mentioned:
I hate that you just misplaced cash guys however I did inform you not to do that stuff.
“I just hate the spirit around this stuff and what it does to people because they get sucked into it and then they get their heads taken off,” he opined.
Following the FTX collapse, a rising variety of lawmakers have referred to as for tighter crypto regulation. Whereas some analysts have warned about contagion dangers to the whole crypto ecosystem, many individuals are nonetheless optimistic about the way forward for the trade. El Salvador‘s president said Thursday that his country will start buying BTC every day. Shark Tank star Mark Cuban explained that the FTX implosion is not a crypto blowup while Tesla CEO Elon Musk said bitcoin will make it. Kraken CEO Jesse Powell described: “The damage here is huge … We’re going to be working to undo this for years.”
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Kevin Helms
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