David Ramsey’s Critique of Cryptocurrency
David Lawrence Ramsey III, an American radio host known for The Ramsey Show, financial commentator, and founder of Ramsey Solutions, has strongly criticized cryptocurrency, asserting that while it may gain legitimacy in the future, it lacks that status now.
He acknowledged that crypto is indeed a form of currency, albeit a digital one, and spoke generally about cryptocurrencies rather than focusing solely on Bitcoin or Ethereum. However, his perspective on the matter appears quite mixed, as he categorizes gambling, commodities, cryptocurrencies, and fiat currencies similarly when discussing them.
In a video excerpt released by the @DiscoverCrypto_ X account, David Ramsey was addressing questions from his co-host during a recent episode of The Ramsey Show regarding his views on cryptocurrency.
Ramsey’s stance on cryptocurrency seems ambivalent. While he recognizes it as a digital currency, he also refers to it as a gambling tool and a fetish.
Responding to his co-host’s inquiries, Ramsey remarked that he does not regard crypto as a proven investment, equating it to a commodity, much like gold or oil. He emphasized that he does not invest in oil rigs either, stating, “It’s not gonna be a proven investment, because it’s a commodity. Commodities are never a proven investment.”
When asked about purchasing crypto, he noted that he doesn’t engage in much gambling. He further clarified that while he acknowledges crypto as a currency, he prefers to steer clear of investing in it, much like he does not invest in the Japanese yen or the Deutsche Mark (which is now superseded by the euro in Germany and the entire EU). According to Ramsey, fiat currencies have a lengthy history, but cryptocurrencies, despite being digital currencies, have a much shorter track record. He conceded that in the future, cryptocurrencies might attain greater legitimacy as they develop a longer history.
As of now, he remarked, “it is just all the cool kids doing stupid stuff.” He compared investing in cryptocurrencies to putting money into emus—exotic Australian birds—rather than cattle, a traditional investment known for its stability. Furthermore, Ramsey stated that people are motivated by the desire to appear trendy, which leads them to lose money in the process, labeling crypto as a fetish.
He concluded his critique of cryptocurrency by declaring it “dumber than crap.”
