Personal finance expert Dave Ramsey recently shared an intriguing story about a friend who bought thousands worth of cryptocurrency solely to irritate him.
Ramsey Says Friend ‘Wasted’ $10,000
On a July 29 episode of "The Ramsey Show," the popular radio personality revealed he had a friend who invested $10,000 in cryptocurrency to "get a rise out of him.
"And I’m like, you’re an idiot," Ramsey said with a poker face. "He wanted me to call him an idiot and I did."
As amusing as that sounds, Ramsey said he would have called his friend an idiot for simply talking about cryptocurrency investments and that he didn’t have to “waste” $10,000.
See Also: Dave Ramsey Blasts ‘Illogical’ Money Moves That Leave Americans Broke
Ramsey Remains A Hardliner
The anecdote came in response to a caller’s question on whether Ramsey had softened his stance on cryptocurrency.
"I haven’t softened on that at all," he said emphatically. "You’re speculating, you’re gambling, then that’s up to you. But don’t call it an investment."
He previously said that assets like Bitcoin BTC/USD and Dogecoin DOGE/USD are not investment strategies but rather “things that you can jump into or jump out of."
Ramsey added that for Bitcoin to become a "legitimate" currency in his books, it'd require a "longer track record that is stable."
Bitcoin’s Evolution
Bitcoin has skyrocketed a whopping 910% in the last five years, and 46,421% in the last ten years, far exceeding the returns of S&P 500 and gold.
Moreover, traditional investors now have exposure to the asset through spot exchange-traded funds and companies such as Strategy Inc. MSTR, underlining its growing institutional interest.
Earlier this year, President Donald Trump famously said that BTC is helping relieve pressure on the U.S. dollar and that it’s “great” for the country.
Price Action: At the time of writing, BTC was exchanging hands at $119, 552, up 0.14% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: hamdi bendali on Shutterstock.com
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