{"id":14625,"date":"2022-11-20T02:38:14","date_gmt":"2022-11-20T02:38:14","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/financial-guru-dave-ramsey-weighs-in-on-ftx-collapse-reiterates-his-crypto-warning-featured-bitcoin-news\/"},"modified":"2022-11-20T02:38:14","modified_gmt":"2022-11-20T02:38:14","slug":"financial-guru-dave-ramsey-weighs-in-on-ftx-collapse-reiterates-his-crypto-warning-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/financial-guru-dave-ramsey-weighs-in-on-ftx-collapse-reiterates-his-crypto-warning-featured-bitcoin-news\/","title":{"rendered":"Financial Guru Dave Ramsey Weighs in on FTX Collapse \u2014 Reiterates His Crypto Warning \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Personal finance guru Dave Ramsey has weighed in on the collapse of cryptocurrency exchange FTX. \u201cI told you so,\u201d he repeatedly said, reiterating his long-standing advice that investors should not put money into crypto.<\/strong><\/p>\n

Dave Ramsey on Bitcoin, Crypto, and the FTX Collapse<\/h2>\n

Personal finance guru and Ramsey Solutions CEO Dave Ramsey weighed in on the implosion of cryptocurrency exchange FTX in a Dave Ramsey Show episode, published Friday.<\/p>\n

Ramsey, a self-proclaimed personal money management expert, calls himself \u201cAmerica\u2019s trusted voice on money.\u201d He is the author of seven best-selling books that have sold more than 11 million copies altogether.<\/p>\n

A longtime bitcoin and crypto skeptic, Ramsey called BTC<\/a> \u201cfunny money\u201d in December 2020. He also expressed<\/a> his doubt that bitcoin could be cashed out, advising investors to sell their coins now. In January, he said crypto is fun and here to say<\/a> but should only be a small part of a portfolio \u201cfor entertainment.\u201d<\/p>\n

Referencing his warning about crypto, the self-proclaimed personal finance expert said \u201cI told you so\u201d several times during his show that was published Friday. He recalled:<\/p>\n

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I got so much crap from the Bitcoin bros \u2026 They are pretty much like Mary Kay for young men \u2026 They can\u2019t listen to anything. Their brains are turned off if you\u2019re not going to do their thing.<\/p>\n<\/blockquote>\n

Ramsey added that every time he advised, \u201cdon\u2019t do crypto,\u201d he got flooded with responses like \u201cI\u2019m an idiot. I\u2019m a boomer. I\u2019m out of touch. I don\u2019t understand.\u201d<\/p>\n

He then read out a news article that likens FTX and its former CEO Sam Bankman-Fried to the Enron fraud<\/a> and Bernie Madoff\u2019s Ponzi scheme<\/a>. The cryptocurrency exchange filed for Chapter 11 bankruptcy<\/a> protection last week.<\/p>\n

Noting that FTX is facing a criminal probe in the Bahamas, Ramsey commented: \u201cIf you can get the Bahamians upset enough about you that they go after you \u2014 because they\u2019re a pretty laid-back bunch \u2014 I\u2019m just saying you get them pissed off you have really stepped in it.\u201d The Bahamas securities regulator has taken action to freeze<\/a> FTX\u2019s cryptocurrencies.<\/p>\n

Ramsey exclaimed:<\/p>\n

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It\u2019s straight-up thievery.<\/p>\n<\/blockquote>\n

Ramsey proceeded to quote some crypto proponents telling him in the past: \u201cDave, come on, at what point, Boomer, are you going to wake up to this new and shiny wonderful thing, you don\u2019t know what you\u2019re talking about telling people to stay away from this, I\u2019ve already made\u2026\u201d He continued:<\/p>\n

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Where is your money now? Mr. Fried took it.<\/p>\n<\/blockquote>\n

\u201cIt\u2019s all over the news for the last 48 hours. This may be the biggest fraud and theft in human history,\u201d he stressed.<\/p>\n

While expressing his dislike for \u201cover-regulation\u201d when it comes to his money, the personal finance guru admitted: \u201cI do like a wee bit, and right now aren\u2019t you wishing you had a wee bit of regulation with FTX\u2019s Sam Bankman-Fried.\u201d<\/p>\n

In conclusion, Ramsey said:<\/p>\n

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I hate that you lost money guys but I did tell you not to do this stuff.<\/p>\n<\/blockquote>\n

\u201cI 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,\u201d he opined.<\/p>\n

Following the FTX collapse, a growing number of lawmakers have called for tighter crypto regulation<\/a>. While some analysts have warned about contagion risks<\/a> to the entire crypto ecosystem, many people are still optimistic about the future of the industry. El Salvador<\/a>\u2018s president said Thursday that his country will start buying BTC<\/a> every day. Shark Tank star Mark Cuban<\/a> explained that the FTX implosion is not a crypto blowup while Tesla CEO Elon Musk<\/a> said bitcoin will make it. Kraken CEO Jesse Powell<\/a> described: \u201cThe damage here is huge \u2026 We\u2019re going to be working to undo this for years.\u201d<\/p>\n

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\nTags in this story
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dave ramsey<\/a>, dave ramsey advice<\/a>, Dave Ramsey advices<\/a>, dave ramsey bitcoin<\/a>, dave ramsey crypto<\/a>, Dave Ramsey crypto warnings<\/a>, dave ramsey cryptocurrency<\/a>, Dave Ramsey FTX<\/a>, Dave Ramsey regulation<\/a>, Dave Ramsey Sam Bankman-Fried<\/a>, Dave Ramsey warnings<\/a>, financial guru<\/a>, personal finance guru<\/a><\/div>\n<\/div>\n

What do you think about the comments by Dave Ramsey? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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