Dave Ramsey issues another harsh warning on crypto investing
Personal finance guru Dave Ramsey has once again blasted cryptocurrency, calling it a “fad” and comparing it to “Beanie Babies and emus” in a fiery new segment on The Ramsey Show.
The radio host and author known for his conservative investment philosophy and debt-free living strategy told a Pennsylvania caller that crypto has “no place” in a wealth-building plan, advising him to liquidate his holdings immediately to pay off debt.
“Anything that you had money in that was not retirement, we would tell you to liquidate it and clear your debt,” Ramsey said. “It just gives us a little bit more joy when it’s something as stupid as crypto to tell you to do it.”
The caller, Josh, said he and his family had $28,000 in remaining debt and $20,000 in crypto assets. Ramsey asked Josh to sell the coins, clear the debt, and move on.
“When your debt is cleared up, you then have control of your most powerful wealth-building tool, which is not investments — it’s actually your income,” he said.
Ramsey has long dismissed crypto as a speculative gamble rather than an investment, and in this episode, he made his feelings even clearer.
“Right now it’s just all the cool kids doing stupid stuff,” Ramsey said. “It’s maddening because people are using up their wealth-building power that they could have actually become wealthy — and they get screwed over trying to be cool.”
He went on to mock the crypto frenzy by comparing it to failed investment fads of the past.
“It’s as dumb as Beanie Babies,” Ramsey said. “People were buying Beanie Babies and putting their kids’ college funds in them. I mean, we had friends that bought emu farms — same category for me as crypto.”
The financial commentator argued that the problem isn’t just volatility, but the mentality behind chasing fast money.
“It’s just something everybody’s into and all the cool kids are talking about it, and it’s dumber than crap,” he added.
Related: Dave Ramsey has a hard-nosed response to investing your 401(k)
When co-host Jade Warshaw asked if there was any scenario where Ramsey would ever buy crypto, he replied bluntly:
“I don’t gamble much,” Ramsey said. “If it ever became a proven investment, maybe. But it’s not going to be, because it’s a commodity — and commodities are never a proven investment.”
Ramsey compared crypto to gold and oil, saying he doesn’t buy commodities or currencies.
“I don’t buy gold, I don’t buy oil, I don’t buy the yen or the Deutsche Mark,” he said. “Crypto is a currency, a digital one — and I don’t invest in currencies.”
He conceded that someday crypto might develop a long enough track record to be considered legitimate. “Someday, though, it could have a long track record and be much more legitimate than it is now,” he said. “But right now, it’s just a fad.”
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