Dave Ramsey is a famous radio host who provides personal financial advice to Americans. He is known for his pragmatism and integrity, as well as his extensive knowledge in the fields of finance and investment. Thousands of people have turned to Mr. Ramsey for advice on debt consolidation, budgeting, investing, and other issues fundamentally related to personal finance.
Despite Ramsey's impressive resume and experience, his recent blog posts about cryptocurrencies may be wrong. In his post, Ramsey frankly states that investing in cryptocurrencies is not a good idea. Moreover, in his quirky style, he wrote, “If you're messing around with cryptocurrencies, you could lose your shirt (and pants). Big tuna, stay away. Head for the open sea. Cryptocurrency is a risky business.” ” he said.
“We should say no” to cryptocurrencies, Ramsey concluded his article, recalling former first lady Nancy Reagan's war on drugs in the 1980s.
Ramsey is clearly opposed to cryptocurrencies. But is this view completely correct? What do the experts say?
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Not everyone agrees with Ramsey's anti-crypto stance. For example, analysts at Standard Chartered expect Ethereum (ETH) to rise to $4,000 by the end of May due to upcoming chain upgrades and possible approval of the ETH spot exchange-traded fund (ETF). This could attract a new wave of institutional investors and keep prices rising. From ETH's current price of around $3,400, this is an increase of nearly 18% in just a few months.
In addition, FinTech Company Finder conducted a survey analyzing market sentiment from dozens of experts in the field, who responded with an average price target of approximately $87,000. Many believe now is a good time to buy cryptocurrencies, as the upcoming Bitcoin halving could push prices even higher.
Another point that Ramsey doesn't mention is that there is no minimum investment amount for cryptocurrencies. He can invest $1,000 or $10 million in different cryptocurrency brokers. This means you can tailor your investments to your own specific goals and risk profile. If you are rational and understand your situation, cryptocurrencies don't have to be something you simply say “no” to.
It is difficult to argue with the excellence of Bitcoin and other tokens. They are constantly in the headlines and have performed extremely well over the past few months. Bitcoin has risen nearly 140% in the past six months alone. Dogecoin has also become a hot topic, increasing in price by over 1,300% in just one month of 2021. Many people are restarting their crypto portfolios right now, but will Dogecoin rise?
Ramsey's article is a bit sensational in its mention of how cryptocurrencies have ruined people's lives, but it also has some benefits. Cryptocurrencies are highly volatile and pose a significant risk to investors. However, if you can put some extra money into a few promising projects, it could be quite lucrative in the future.
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The article Dave Ramsey: Cryptocurrency is a Risky Business—Do Crypto Experts Agree? originally appeared on Benzinga.com
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