Personal Finance Guru Dave Ramsey He was complicit in the collapse of cryptocurrency exchange FTX.
Dave Ramsey on the Decay of Bitcoin, Cryptocurrencies and FTX
Personal Finance Guru and CEO of Ramsey Solutions Dave Ramsey on the Dave Ramsey Show We discussed the collapse of the cryptocurrency exchange FTX in our episode. , was published on Friday.
A self-proclaimed personal money management expert, Ramsey calls himself “America’s trusted voice on money.” He is the author of his seven best-selling books, and in total he has sold over 11 million copies.
A long-time bitcoin and cryptocurrency skeptic, Ramsey called BTC “weird money” in December 2020. He also expressed doubts that bitcoin could be cashed and advised investors to sell their coins now. In January, he said cryptocurrencies are fun and should be a small part of a portfolio that, as I say here, is “for entertainment.”
The self-proclaimed personal finance expert said several times during a program released Friday that he said “yes”, referring to his warnings about cryptocurrencies. He recalls:
I got a lot of junk from the Bitcoin brothers…they are like Mary Kay to young men…they can’t hear anything. If you don’t try to do their thing, their brains are off.
Whenever Mr. Ramsey advises “Don’t use cryptocurrencies,” he says, “I’m an idiot. I’m a boomer.
He then read a news story comparing FTX and its former CEO Sam Bankman-Fried to the Enron scam and Bernie Madoff’s Ponzi scheme. The cryptocurrency exchange filed for Chapter 11 bankruptcy protection last week.
Noting that FTX faces criminal investigations in the Bahamas, Ramsey commented: You’re just saying you pissed them off. You really stepped into it. The Bahamas securities regulator has taken steps to freeze FTX’s cryptocurrency.
Ramsey cried:
That’s a true thief.
Ramsey began quoting what encryption advocates had told him in the past. Waking up to this new and wonderful thing, you don’t know what you’re talking about telling people to stay away from this.I’m already making.Your money now? Received by Mr. Freed.
“These last 48 hours of him were all over the news. This may be the greatest fraud and theft in human history,” he stressed.
While disliking the “over-regulation” of money, the guru of personal finance admitted: On FTX’s regulation with his Sam Bankman-Fried.”
In conclusion, Ramsey said:
I hate you lost money But I told you not to do this.
“I hate the spirit of this stuff and the effect it has on people because they get sucked into it and then they have their heads taken off.” he gave his opinion.
With the collapse of FTX, more legislators are calling for stronger regulation of cryptocurrencies. While some analysts warn of contagion risks to the entire crypto ecosystem, many are still optimistic about the future of the industry.The president of El Salvador said Thursday that his country will receive BTC daily. Said to start buying. Shark Tank star Mark Cuban has explained that the FTX implosion will not be a cryptocurrency explosion, while his CEO of Tesla, Elon Musk, said Bitcoin will make it happen. Kraken CEO Jesse Powell said:
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