Dave Ramsey told a caller seeking advice on his bitcoin holdings that he had “Vegas problems”. The radio host gave his advice on what to do and unceremoniously recommended that the caller make a payout tomorrow.
“You’ve got Vegas problems, man. You went to the slot machine, fooled a quarter and knocked a few quarters out, and now you’re tempted to believe this is a plan. And that is the problem with everything a extremely volatile asset is … “
Bitcoin benefits everyday people
Ray from Kentucky got more than he expected when he attended the Dave Ramsey Show. Ray explained his situation in late 2019, his income had tripled, and over the course of the following year he focused intensely on paying off his debts. Currently he only owes credits for one car and one house.
Ray also mentioned that he bought bitcoin during this time and that his holdings are now valued at around $ 100,000. Ray said it was substantial, but not enough to pay for both the car and the house. He asked Ramsey what he would do in this situation.
“It went into this huge account that is now worth about $ 100,000. One of the things I want to do with it, of course, is cash out the car, but it’s not enough to cash out the house.”
In 2020, the price of Bitcoin was between USD 3.7,000 and the lowest level after the “Corona Crash” in March. To $ 29,000 at its peak by 2021.
Despite Ray’s disclosed 649% ROI and expectations of further price hikes, Ramsey said without a doubt that if he were, he would take the money and run away. Besides, he wouldn’t even buy Bitcoin.
Isn’t the crypto narrative changing?
Ramsey’s views on Bitcoin are typical of many, especially those born in the Baby Boomer years, and perhaps to a lesser extent the Gen Xs. However, it is getting harder and harder to close Bitcoin every day.
Coinbase is expected to debut on the Nasdaq on April 14th. As a major crypto company going mainstream, some see this event as the crucial spark in legitimizing Bitcoin.
The FT hinted at this by providing an overview of Coinbase’s financial data for the first quarter. The results showed that traditional funding can no longer ignore the crypto industry.
“The Twitter folks quickly agreed that numbers like this not only prove that the Delaware corporation is a profitable machine, but that even the traditional financial world can no longer ignore crypto.”
But changing hearts and minds won’t happen overnight, especially because of a stock market listing. It shouldn’t either.
While Ramsey may have good intentions, his extreme prejudices can also fix him to the detriment of his audience. It’s the extreme positions on either side that turn everyone else off.
Maybe it’s time to accept that not everyone gets or even wants to get it.
Source: BTCUSD on TradingView.com