Financial expert Dave Ramsey warned on Tuesday about the risks of investing in assets they do not fully understand.
What Happened: In a video clip on X, he said, “Don't do it because I do or because somebody else said to do it.”
He clearly stated his personal investment preferences on X, saying, “I buy real estate that I pay cash for because I like the real estate business. And I buy mutual funds. And that’s all I buy.”
Although Ramsey made no specific mention of Bitcoin BTC/USD, it appears that proponents of BTC are advocating it to the financial expert.
One X user @WalkerAmerica encouraged him to consider adding Bitcoin to his investment portfolio.
Another user, @viaductloomer, commented on his own strategy, “I buy bitcoin that I paid cash for, because orange coin good. And that's all I buy.”
Another X user @alexrottenjr shared a Bitcoin price chart, to highlight the apex cryptocurrency’s performance.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Bitcoin’s price reached a milestone by soaring to a 27-month high, floating around the $57,000 mark. Growing demand from anticipated spot ETFs may be one factor driving this uptick in Bitcoin’s value.
Earlier in 2021, Ramsey expressed skepticism about cryptocurrency as an investment. Viewing cryptocurrency largely as a high-risk, get-rich-quick venture, he has always preferred a more steady and, by his own admission, “boring” approach to growing wealth.
The subject of cryptocurrency had come up on his show earlier when a caller, Michael from Dayton, Ohio, inquired about whether he should invest in the space. Ramsey responded, “Bitcoin's hot. Crypto's hot. A lot of people are making a lot of money on it right now.”
Ramsey Solutions has consistently stated that cryptocurrencies like Bitcoin are not advisable investments, as echoed in a February blog post. Although they are not dismissing the future of cryptocurrencies or declaring them entirely negative, the Ramsey Solutions team advises its readership to steer clear, saying, “just say no.”
Price Action: At the time of writing, Bitcoin was trading at $56,901, up 0.93% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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