The Big Problem with Dave Ramsey (His $63M Bitcoin Mistake)

What is Bitcoin ?

Bitcoin is a currency on the internet .

It has no value because all of a sudden one of these computer nerds just flips the switch .

The whole freaking thing's gone .

Dave Ramsey host of the Ramsey show just made the biggest financial mistake of his life .

And this is shocking because he usually does offer such great financial perspective .

A $44,000 SUV when you make $85,000 a year is stupid .

Borrowing money on your house to put granite countertops in .

Somebody ought to smack you .

The borrower is slave to the lender voluntarily signing up to give our lives away .

And while Dave is one of the most respected financial educators of our time , in fact , he boasts an audience of over 18 million weekly listeners .

This is due in large part to his folks , the attitude as well as a Q and A format where listeners call in , ask their financial questions .

Dave responds .

My husband spends over $1000 a month just on phone games , $451,000 and the total debt my house is in the process of being foreclosed on .

It's no wonder that the Howard Stern of finance has amassed such a loyal financial audience .

All success is , is a pile of all the mistakes you've made and you're standing on it rather than laying under it .

But the biggest mistake Dave Ramsey ever made it cost him millions .

It cost you hundreds of millions if you would have listened , started over nine years ago , Dave Ramsey calls Bitcoin stupid and says Bitcoin is a really good way of turning 1 million into nothing , but it's a really good way to turn a million dollars into nothing .

Now , at the time , Bitcoin's price was around $550 .

Don't you wish you would have bought or at least found a video ?

Somebody taking the time to actually educate you why Bitcoin is valuable linked down below .

Well , this show is about breaking free .

Dave Ramsey says that he wants his audience to break free .

Have financial freedom .

Well , this show is about breaking free .

This show is about no more chains .

This show is about you taking back control of your destiny .

This show is about believing and showing you exactly how step by step , process by process , you can get your most powerful wealth building tool back .

It's called your income .

And if you don't go get it back , it's gonna be your fault because I'm gonna show you how so understanding all that , that financial freedom is the goal .

Let's now travel back over nine years ago .

Today , if you would have put any amount of money into Bitcoin at the time of the show , you now would have over 63 X your money .

And what is Bitcoin ?

Bitcoin is a currency on the internet .

It has no value except to the extent someone else will take it from you as value .

Just like that paper has no value except the extent someone else will take it .

So , Bitcoin is the Iraqi Dinar of the internet .

And I know intelligent people who , while they're intelligent are not wise that have put a bunch of money in Bitcoin .

But it's a really good way to turn a million dollars into nothing to play in unstable currencies that they're , and , and here's what you have , let me tell you what Bitcoin is .

It , it's www , it's the wild , wild west .

You're back to the western banking system because all of a sudden , one of these computer nerds just flips the switch , the whole freaking thing's gone .

It has no value .

They just got completely ripped off and it took them down .

And so the , uh , little hipster techie guys are sitting in front of the building with a sign that says , where's my money ?

Well , honey , you never had any .

It's not real money because it's not got , it's not a stable currency that has any kind of a system that backs it , that has any kind of a system that protects .

Well , I've made a lot of money in Bitcoin , you can make a lot of money , trading dirt to somebody else , trading dirt until people catch on that dirt is not a good idea to trade .

You can trade gravel out of your driveway as long as you can get away with it .

And so just because you made some money doing it doesn't mean that it was a bright idea .

And , and so I'll go ahead and , you know , I got all you Iraqi Dinar people and all you gold people all pissed off at me .

So let's just go ahead and add you Bitcoin people to the mix .

You're stupid .

You're gonna lose your money .

Be pissed at me .

You shouldn't have put money in something wacko .

Since this episode price has only increased the network , the fundamental metrics have only grown stronger and even some of Bitcoin's biggest haters back in the day because it is ok to update your opinion .

Change your mind .

Billionaire Michael Saylor once said Bitcoin's days are numbered .

It seems like just a matter of time before it suffers the same fate as online gambling first .

They laugh at you , then they fight you , then they join you .

If it's not going to zero , it's going to a million .

It's , it's either nothing right .

If it's nothing , then it's getting scrubbed out and banned .

And of course we now know that it's not getting banned .

Right .

There's no way that Fidelity Citadel Black Rock Charles Schwab Deutsche Bank .

Credit Agrico Banco Santander all decide they're interested in this , right ?

That they're not endorsing a tulip bulb .

Then the question is ok .

Well , it's an asset class .

If it's not going away , then what's it worth while it's worth 1% of the assets in the world ?

So 1% drives it up by a factor of 10 to 20 .

Even .

Mark Cuban once called it a bubble .

Now he's cryptos .

Biggest fan .

I'm always into tech .

I'm always looking for new opportunities and I always look for new ways to do business .

I'm an entrepreneur .

And so , you know , when you dig in on crypto , what really got me grooving on it was in 2020 when I started , just get trying to get updated on NFTS and started to really dig in and more importantly understand what smart contracts are about because the beauty of NFTS wasn't the NFT itself .

It was the , the fact that it was an application using smart contracts and what else could smart contracts be used for ?

We have interviewed experts like this over the years , Dave Ramsey , I'd love to have you on because Dave Ramsey just judging by his own videos over the last nine years refuses to update his opinion and then it's time to do some real investing .

Crypto is um gambling , you know , the last year and a half have been really unkind to crypto .

Yes , I remember watching it during COVID right after we invested and I remember watching it go really low and then going back up high and now we're just sitting there .

But I mean , you've noticed the news that one of the largest scams in history was perpetrators in crypto .

Makes Bernie Madoff look like small potatoes .

Ok .

So the scams are all everywhere around it .

The , it's an , it's an unstable place to put money .

Agreed .

Ok .

All right .

So I don't , I don't put money in places that are unstable because I'm telling people not to put money in stupid but crypto .

So , um but you know , and now now I'm a genius , you know , but I also told them not to invest their money in beanie babies a few years ago and people were believing in that too .

So it's almost like you've lived to see a few things .

It's almost like , yeah , that's how I lost my hair .

And again , no specific hate on Dave Ramsey in general .

I think he gives such sound advice .

He's a beacon for education in general and he has been for decades .

But Dave , when you're wrong , you're wrong .

And I think it's time we admit that never invest because Dave Ramsey said to never invest because anybody said to except you .

I will keep you updated if slash when hopefully we can get Dave on the channel , he can talk about it .

This channel rain or shine will continue to update you .

We drop a video every single day keeping you informed you give your income to someone else .

You don't have it anymore .

Oh , see you tomorrow .