Financial Guru Dave Ramsey Weighs In On FTX Collapse – Repeats His Crypto Warning – Featured Bitcoin News

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

Dave Ramsey on Bitcoin, Crypto and the FTX Collapse

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

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

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

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

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

He then 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.

Ramsey noted that FTX is facing a criminal investigation in the Bahamas. they’re pissed off, you’ve really gone into it.” The Bahamas Securities Regulatory Authority has taken action to freeze FTX’s cryptocurrencies.

Ramsey exclaimed:

It is outright theft.

Ramsey went on to quote some crypto followers who told him in the past: “Dave, come on, at what point, Boomer, are you going to wake up to this new shiny awesome thing, you don’t know what you’re talking about telling people about to stay away from this, I have already done…” He continued:

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

“It’s all over the news in the last 48 hours. This could be the biggest fraud and theft in human history,” he stressed.

While expressing his aversion to “over-regulation” when it comes to his money, the personal finance guru admitted: “I like a little bit, and right now you don’t wish you had a little bit of regulation with FTX’s Sam Bankman-Stekt.”

In conclusion, Ramsey said:

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

“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 growing number of lawmakers have called for tighter crypto regulation. While some analysts have warned of contagion risks for the entire crypto ecosystem, many remain optimistic about the future of the industry. El Salvador’s president 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 breakout while Tesla CEO Elon Musk said bitcoin will make it. Kraken CEO Jesse Powell described: “The damage here is enormous … 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.

Kevin Helms

A 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 of economics and cryptography.