Dave Ramsey Discusses Bitcoin, Other Cryptocurrencies, and the Recent Fall in the FTX
In a new episode of the Dave Ramsey Show, which was released on Friday, the personal financial expert and CEO of Ramsey Solutions, Dave Ramsey, offered his thoughts on the collapse of cryptocurrency exchange FTX.

Ramsey, who refers to himself as "America's trusted voice on money," is a self-proclaimed specialist in the field of personal financial management. He is the author of seven books, all of which have been commercially successful, with combined sales of over 11 million copies.

Ramsey, who has been skeptical about bitcoin and cryptocurrencies for a long time, referred to BTC as "fake money" in December 2020. He also stated his skepticism over the viability of cashing out bitcoin, encouraging investors to liquidate their holdings as soon as possible. In January, he stated that cryptocurrency is entertaining and has a future, but that it should only constitute a tiny portion of an investment portfolio "for amusement."

During the broadcast that was uploaded to YouTube on Friday, the self-proclaimed personal financial guru stated many times, "I told you so," in reference to his earlier warnings regarding cryptocurrencies. In his recollection,

I received a lot of nonsense from the Bitcoin dudes... They are essentially the male equivalent of Mary Kay cosmetics... They are incapable of listening to anything at all. If you are not going to do what they want, their minds will automatically shut down.

In addition, Ramsey mentioned that each time he gave the piece of advice "don't do crypto," he was inundated with answers such as "I'm an idiot. I am a baby boomer. I've lost touch with everyone. I don't comprehend."

After that, he proceeded to read aloud an item from the press that compared the fraudulent activities of FTX and its former CEO Sam Bankman-Fried to those of Enron and Bernie Madoff's Ponzi scheme. Last Monday, the Bitcoin exchange submitted its petition for protection under Chapter 11 of the bankruptcy code.

Ramsey made the following observation after learning that FTX is the subject of a criminal investigation in the Bahamas: "If you can get the Bahamians upset enough about you that they go after you — because they're a pretty laid-back bunch — I'm just saying that if you get them pissed off you have really stepped in it." The securities authority in the Bahamas has taken the necessary steps to freeze FTX's cryptocurrency holdings.

Then Ramsey cried out:

This is nothing short of outright theft.

After that, Ramsey proceeded to quote some crypto proponents who had spoken to him in the past: "Dave, come on, at what point, Boomer, are you going to wake up to this new and shiny wonderful thing, you don't know what you're talking about telling people to stay away from this, I've already made..." Ramsey went on to say that he had already made a lot of money. He proceeded by saying:

Where exactly is your money at this moment? Mr. Fried seized it.

It's been nonstop coverage in the media for the past two days. He emphasized that this might be the largest case of fraud and theft in the history of humanity.

The expert on personal finance stated that he does not like "over-regulation" when it comes to his finances, but he did admit that he does like "a wee bit" of regulation, saying, "I do like a wee bit, and right now aren't you wishing you had a wee bit of regulation with FTX's Sam Bankman-Fried?"

In closing, Ramsey said the following:

I feel terrible that some of you had to lose money, but I did warn you not to engage in these activities.

According to his point of view, "I simply despise the spirit that surrounds this thing and what it does to individuals because they get sucked into it and then they get their heads chopped off."

Following the failure of the FTX exchange, an increasing number of MPs have urged for more regulation of crypto assets. Despite the fact that a number of analysts have cautioned about the possibility of a contagion affecting the whole crypto ecosystem, a large number of individuals continue to be enthusiastic about the industry's prospects. On Thursday, the President of El Salvador announced that his nation will begin making daily purchases of bitcoin. Mark Cuban, star of the television show Shark Tank, explained that the collapse of FTX is not a blowup in the cryptocurrency market, whereas Elon Musk, CEO of Tesla, stated that bitcoin will survive. Jesse Powell, CEO of Kraken, provided the following description: "The harm here is enormous... We are going to have to put in a lot of effort over the next few years to reverse this.

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