Famous radio host Dave Ramsey spoke about bitcoin (BTC). Especially since recent interest rate talk marked a rather rocky start to 2022 for cryptocurrencies in general, the budgeting and debt expert didn’t hold back from taking part in the discussion. eternal debate about cryptocurrencies.
According to Ramsey, the crypto space is based on the mentality of “get rich quick»
Dave Ramsey, a popular radio host who gives advice on budgeting and debt, insists on the fact that cryptocurrencies should not be considered as an investment.
According to the host, anything considered an investment must have historical data, which cryptocurrencies obviously lack. He felt that digital assets were not an investment, but rather a form of gambling.
Ramsey went on to explain that digital currencies represent the mentality of “get rich quickwhich has the ability to blind investors into not seeing the potential dangers inherent in it.
“[Les cryptomonnaies] are not reliable to invest money in, and therefore, it is not an investment. By definition, an investment has historical data that you can study.»
Bitcoin dips below $40,000 and sparks panic
The best-known cryptocurrency is starting the new year with a serious drop. On Monday, December 10, bitcoin (BTC) fell below $40,000 for the first time since late September 2021, sparking more fear among investors.
The downtrend emerged about six weeks ago, and in a short time, the total crypto market cap has shrunk by over $333.5 billion. However, it rebounded on Wednesday to 2,005 billion dollars, resuscitating the hopes of investors.
Is there hope?
Still, bitcoin’s recent drop may be another sign that the worst is yet to come, reassuring skeptics like Dave Ramsey.
Many experts have estimated that the low level of bitcoin is around $30,000. According to one of these analysts, the asset will drop further, approaching the $30,000 mark before finally hitting the highly anticipated $100,000.
Dave Ramsey may be right to keep in mind that bitcoin had no trading data before the 2008 financial crisis, and to consider cryptocurrencies not an investment. However, everyone must understand that whether the market recovers or collapses will dictate what happens next in the global economy.
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Passionate about new technologies and IT, blockchain and crypto are a field in which I have completely blossomed. I am convinced that they are a crucial part of our future!