Financial Guru Dave Ramsey Weighs in on FTX Collapse — Reiterates His Crypto Warning – Featured Bitcoin News

Personal finance guru Dave Ramsey weighed in on the collapse of cryptocurrency exchange FTX. “I told you so,” he said repeatedly, reiterating his long-standing advice that investors should not put money into crypto.

Dave Ramsey on Bitcoin, Crypto and FTX Collapse

Personal finance guru and CEO of Ramsey Solutions, Dave Ramsey, weighed in on the implosion of cryptocurrency exchange FTX in an episode of The Dave Ramsey Show, which aired Friday.

A self-proclaimed personal money management expert, Ramsey calls himself “America’s trusted voice on money.” He is the author of seven best-selling books that have sold more than 11 million copies in total.

Ramsey, a long-time bitcoin and cryptocurrency skeptic, called BTC “funny money” in December 2020. He also expressed doubt that bitcoin could be cashed out, advising investors to sell their coins now. In January, he said that crypto is fun and here to say, but it should only be a small part of a wallet “for entertainment.”

Referring to his warning about crypto, the self-proclaimed personal finance expert said “I told you so” several times during his show that aired on Friday. He remembered:

I got so much crap from the Bitcoin bros… They are so much like Mary Kay for guys… They can’t listen to anything. Their brains are turned off if you’re not going to do theirs.

Ramsey added that every time he advised “don’t do crypto,” they were inundated with responses like “I’m an idiot. I’m a boomer. I’m out of touch. I don’t understand.”

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Then he read a news article comparing FTX and its former CEO Sam Bankman-Fried to the Enron fraud and Bernie Madoff’s Ponzi scheme. The cryptocurrency exchange filed for Chapter 11 bankruptcy protection last week.

Noting that FTX is facing a criminal investigation in the Bahamas, Ramsey commented: “If you can upset the Bahamians enough for you to go after you, because they’re a pretty laid-back bunch, I’m just saying you’re pissed off that you’ve really stepped on it. The regulator of Securities of the Bahamas has taken steps to freeze FTX’s cryptocurrencies.

Ramsey exclaimed:

It’s straight up robbery.

Ramsey went on to quote some crypto advocates saying to him in the past, “Dave, come on, at what point, Boomer, are you going to wake up to this wonderful new shiny thing, you don’t know what you’re talking about. Telling people to stay away from this , I already did…” He continued:

Where is your money now? Mr. Fried took it.

“I’m in all the news for the last 48 hours. This could be the biggest fraud and theft in the history of mankind,” he stressed.

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While expressing his distaste for “excessive regulation” when it comes to his money, the personal finance guru admitted: “I like it a little, and right now you don’t want to have a little regulation with FTX’s Sam Bankman. – Fried.”

In conclusion, Ramsey said:

I hate that you lost money guys, but I told you not to do this.

“I just hate the spirit that surrounds these things and what it does to people because they are absorbed by it and then they take their heads off,” he opined.

Following the collapse of FTX, a growing number of lawmakers called for stricter crypto regulation. Although some analysts have warned about the risks of contagion for the entire crypto ecosystem, many people are still optimistic about the future of the industry. The president of El Salvador said on Thursday that his country will start buying BTC every day. Shark Tank star Mark Cuban explained that the FTX implosion is not a crypto boom while Tesla CEO Elon Musk said bitcoin will get it. Kraken CEO Jesse Powell described, “The damage here is massive… We’re going to work to undo it for years.”

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What do you think of Dave Ramsey’s comments? Let us know in the comments section below.

Kevin Helms

An Austrian Economics student, 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 of economics and cryptography.

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