Financial expert FTX, a cryptocurrency exchange, has shut down, and Dave Ramsey has commented. He repeatedly reaffirmed his long-standing recommendation that investors refrain from investing in cryptocurrency, saying, “I told you so.”
The FTX Collapse and Bitcoin: A Dave Ramsey Analysis
In a Friday episode of The Dave Ramsey Show, personal finance expert and CEO of Ramsey Solutions Dave Ramsey provided his opinion on the collapse of bitcoin exchange FTX.
America’s go-to source for financial advice, according to Ramsey, a self-described personal finance expert. A total of more than 11 million copies of his seven best-selling books have been sold.
In December 2020, Ramsey—a longtime opponent of cryptocurrencies like bitcoin—called BTC “fake money.” Additionally, he expressed scepticism about the viability of cashing out bitcoin.
Ramsey continued that he frequently received comments like “I’m an idiot” in response to his advice to “don’t do crypto.” I am a boomer. I have lost touch. I don’t comprehend.
Then he read aloud a news piece comparing the Enron hoax and Bernie Madoff’s Ponzi scheme to FTX and its former CEO Sam Bankman-Fried. Last Monday, the Bitcoin exchange requested Chapter 11 bankruptcy protection.
Ramsey made the following remark after learning that FTX was the subject of a criminal investigation in the Bahamas: “If you can get the Bahamians upset about you enough that they go after you—because they’re a pretty laid-back bunch—I’m just saying you get them pissed off you have really stepped in it.” The cryptocurrency holdings of FTX have been put on hold by the Bahamas securities regulator.