Dave Ramsey Compares Investing in Bitcoin to Buying Emu

American writer, TV and radio host Dave Ramsey has criticized cryptocurrencies, calling investments in them stupid and comparing them to throwing money away on gambling.

Ramsey said cryptocurrencies are untested investments. The financial expert compared digital assets to commodities, gold, and oil, which he said are also not reliable investments. According to Ramsey, he does not invest in oil rigs. The financial commentator acknowledged that cryptocurrency is also a currency, but a short-term one. He also clarified that he does not buy any government currencies.

Ramsey said that investing in digital assets is similar to gambling. He noted that many people fall into this trap in an attempt to appear cool, but most of them suffer losses. According to Ramsey, people have come to regard digital assets more as a fetish and an impractical waste of money, rather than a sensible financial decision. The expert compared investing in cryptocurrencies to buying emus, rather than cattle, which were previously considered one of the most valuable investments.

The writer acknowledged that cryptocurrency may find its rightful place in the future, but it will take many years. It is not the best investment for experienced investors right now, Ramsey insists. Last year, the financial bestselling author said that gold was a better investment because Bitcoin has no intrinsic value.

Recently, the chairman of Germany's Federal Financial Supervisory Authority (BaFin), Mark Branson, expressed a similar view on Bitcoin, warning investors that they could suffer major financial losses.

Source: cryptonews.net