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“Crypto is FUN!” That is what business man and radio host Dave Ramsey said, speaking to Fox Business’ Maria Bartiromo in promotion of his new book ‘Baby Steps Millionaires. Ramsey is known for his book The Total Money Makeover, which has been on The Wall Street Journal bestsellers list for over 500 weeks.
According to Ramsey, cryptocurrencies should hold a place in anyone’s investment portfolio as he is convinced it will not disappear.
Ramsey’s stance has changed since previously he had warned against cryptocurrencies, something Bartiromo confronted the millionaire with. She asked him, “I know that you warned against crypto. You called it a get-rich-quick investment. Are you telling us that we do not have any exposure to crypto?”
To which Ramsey replied:
“NO, as long as the exposure is money you can afford to lose, whatever you want to do with that.”
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He added some nuance to his words saying:
“We’ve got people mortgaging their homes. We’ve got people taking their retirement out of their 401k and dumping it into crypto as if it is a proven process to build wealth.”
While acknowledging that cryptocurrencies are a new investment vehicle that has still been around relatively short, he said:
“It’s a commodity. Is it going to be around? Sure, it’s going to be around.
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New players only. Exclusive Welcome Bonus of up to $2,500I think it’s kind of fun. I enjoy watching the whole thing and all that.
But, it’s an anomaly on the side. It shouldn’t be a big part of a personal financial plan to build wealth.
It could be a small part — for entertainment.”