Crypto can be a small part of one’s investment portfolio, says Dave Ramsey
Ramsey views crypto as a commodity that's going to be around for a long time.
Thu, 13 Jan 2022, 10:02 am UTC
As crypto adoption continues to gain momentum worldwide, a growing number of investment experts are taking a serious look at digital assets as potential investment vehicles. For instance, Dave Ramsey is now saying that cryptos can be a small part of one’s portfolio as he views digital currencies as commodities that won’t go away anytime soon.
Ramsey Solutions CEO Dave Ramsey shared his views on Bitcoin (BTC) and crypto in an interview with Maria Bartiromo on Fox Business on Tuesday. The personal finance guru was also promoting his new book titled “Baby Steps Millionaires.”
During the interview, the finance guru was asked if he is against investing in crypto. “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?” Bartiromo questioned Ramsey, according to Bitcoin.com.
However, Ramsey explained that he is not totally against such investment. “No, as long as the exposure is money you can afford to lose, whatever you want to do with that,” he replied.
He cautioned investors that it’s probably best not to take on loans or use their retirement to go all-in on crypto. “We’ve got people mortgaging their homes,” the author added. “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. It’s just not a proven process.”
He also expressed confidence in the long-term viability of crypto. “It’s a commodity,” Ramsey explained. “Is it going to be around? Sure, it’s going to be around.”
The investment expert also cautioned that people should probably make crypto a small part of their portfolios. “I think it’s kind of fun,” he said. “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.”
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