In a striking discussion on The Ramsey Show, American radio host and financial commentator Dave Ramsey launched a stringent critique of cryptocurrencies. Acknowledging their acceptance as digital currencies, Ramsey nevertheless questioned their reliability as a form of investment.
Cryptocurrencies as Investment Vehicles
During the program, Ramsey addressed inquiries by categorizing cryptocurrencies under commodities and currency, akin to oil and gold. He emphasized that cryptocurrencies have not proven themselves as solid investment options. According to him, commodities, in general, do not exhibit long-term reliability for investors.
Ramsey acknowledged cryptocurrencies as a form of digital money. Yet, he equated them to gambling, referencing the lengthy histories of established fiat currencies like the Japanese yen or German mark. He highlighted the relatively brief history of cryptocurrencies and deemed them risky ventures.
Ramsey: Cryptocurrency Mania Driven by Vanity
According to Ramsey, cryptocurrencies could gain legitimacy with a lengthier history in future years. However, he argued they are unsuitable for current investment conditions. Labeling cryptocurrency investments as a “fetish,” Ramsey concluded that interest in this area is more a matter of vanity than rational finance.
Concluding his commentary on the program, Ramsey boldly dismissed cryptocurrencies by calling them “stupider than trash,” reinforcing his critical stance.
