Personal finance expert Dave Ramsey weighed in on the collapse of cryptocurrency exchange FTX. “I told you so,” he said over and over again, repeating his long-standing advice that investors should not invest their money in cryptocurrencies.
Dave Ramsey on Bitcoin, Crypto, and FTX Collapse
Personal financial guru and CEO of Ramsey Solutions, Dave Ramsey, weighed in on the implosion of cryptocurrency exchange FTX on an episode of The Dave Ramsey Show, posted on Friday.
A self-proclaimed personal money management expert, Ramsey calls himself “America’s trusted voice on money.” He is the author of seven bestselling books that have sold more than 11 million copies.
A longtime Bitcoin and cryptocurrency skeptic, Ramsey called out BTC “Funny Money” in December 2020. He too she expressed Doubting that bitcoin can be exchanged, he advised investors to sell their coins now. In January, he said encryption is Fun here to say But it should only be a small part of the “for entertainment” group.
Referring to his warning about cryptocurrencies, the personal finance expert said “I told you so” several times during his presentation published on Friday. Remember:
I’ve been getting a lot of shit from the bitcoin brothers…they’re too much like Mary Kay for the guys…they can’t listen to anything. Their brains are turned off if you are not going to do their job.
Ramsey added that every time he advises, “Don’t use cryptocurrency,” he gets inundated with responses like, “I’m an idiot. I’m a boomer. I’m out of touch. I don’t get it.”
Then he read a news article likening FTX and its former CEO Sam Bankman-Fried to Enron scam And the Bernie Madoff’s Ponzi Scheme. Cryptocurrency exchanges filed for Chapter 11 bankruptcy protection last week.
Referring to FTX facing a criminal investigation in the Bahamas, Ramsey commented: “If you can piss off the Bahamas enough about you, they come after you – because they’re a pretty laid back bunch – I’m just saying you get them upset about it, you really got into it.” “. The Bahamas Securities Regulatory Authority has taken action to freeze FTX cryptocurrency.
Ramsey exclaimed:
It’s outright theft.
Ramsey proceeded to quote some crypto proponents who have said to him in the past: “Dave, come on, at what point, Boomer, are you going to wake up to this new cool, cool thing, you don’t know what you’re talking about. Tell people to stay away from this, you already did.” ..”
Where’s your money now? Mr. Fried took it.
“The news has spread in the last 48 hours. This may be the largest fraud and theft in human history,” he stressed.
While expressing his dislike for “over-regulation” when it comes to his finances, the personal financial guru confessed: “I love a little, and now you don’t wish you had a little more regulation with Sam Bankman from FTX-Fried.”
In conclusion, Ramsey said:
I hate that you guys lost money but I told you not to do these things.
“I just hate the spirit around these things and what they do to people because they get drawn into it and then they take their heads off,” he said.
After the collapse of FTX, an increasing number of lawmakers called for it Tighter encryption regulation. While some analysts warned of Infection risks As for the entire crypto ecosystem, many people are still optimistic about the future of the industry. El SalvadorOn Thursday, the President of the Republic said that his country would start buying BTC every day. Shark tank star Mark Cuban Make it clear that the FTX implosion is not a crypto explosion while the CEO of Tesla Elon Musk He said bitcoin will work. Kraken CEO Jesse Powell Description: “The damage here is massive…we’ll be working 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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