I used be in my car for work a lot, and I would listen to Dave Ramsey some to pass the time. I just got to wondering what these people I used to listen to and watch are saying about crypto currently. I went through and pulled some quotes and thoughts from them and have compiled them here for your reading pleasure.
Dave Ramsey
Here is Dave’s response to a caller who said he had made a lot of money in crypto, “You can do whatever you want to do. But, you’re asking me what I would do. I wouldn’t have been in it the first place and I wouldn’t stay in it. I would cash it out tomorrow, and I would put the money in some commonsense things.” He followed it up with this, “Buying gold, or buying commodities, or buying bitcoin, or buying currencies, I mean, there’re a lot of volatile [assets]. You can do options. You can be selling short on the market. You can be day trading. There’re all kinds of things you can do and occasionally make money at it, and most of the time end up losing it … bitcoin is in that category. It’s a high-risk play,”
I will give it to Dave, he answers questions simply based on what he would do. He admits that people have made a lot of money in crypto, he is just not one of them and won’t be one anytime soon.
Suze Orman
I could listen to Suze talk all day, not because of her advice, she just seems really nice. She is a little more on board with crypto. Here are her thoughts, “Any money that you can afford to lose, then I don’t have a problem with you investing in bitcoin.” Suze is warning of the possibility that it can go back down to its May lows of about $30,000 or even to $26,000. “You have to hold it for the long run,” she is not a fan of buying and selling, but, hodling.
Jim Cramer
Cramer has been a vocal booster of Bitcoin for a while now. He has touted it on air, saying it would be “almost irresponsible” not to include it in a portfolio. Cramer has also talked about paying off his mortgage after buying Bitcoin at 12,000 and selling later on. He has stated that he has invested as much as 500,000 in Bitcoin,
Clark Howard
Clark has consistently stressed that the issue with bitcoin is that it has two applications in the real world — as an investment and as a form of currency — and both fall short. As a currency, “Bitcoin has been a failure as money because it doesn’t have a stable value. It moves by huge percentages day by day.” As an investment, “Bitcoin is not an investment either because its values gyrate so much, there is no predictable direction. And it’s worth whatever people say it is worth that day.” (I would point out that all things are worth what people are willing to pay on any given day, that is how the stock market and financial systems as a whole work)
Peter Dunn
A quote from a question on his show, “I've always believed a person can earn the right to take additional investing risks by creating underlying financial stability in their life. For instance, a healthy emergency fund, a properly funded retirement strategy, and the absence of consumer debt make investing excess funds in speculative vehicles much more tolerable. It's tough to accomplish this level of stability when your entire net worth is tied-up in something as volatile as crypto.”
The general consensus from these guys is that crypto is more speculation or gambling than investing. All, of them hedge this with, if you have some money to play around with, then feel free. (Ramsey, being the exception.) Not surprising as this is the advice you would get from any financial advisor you went to. Then again, no financial advisor is making money when you buy crypto, either.