4.6 • 682 Ratings
🗓️ 21 February 2025
⏱️ 7 minutes
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0:00.0 | Brought to you by Y-ReFi. Refinance your defaulted private student loans today at Y-refi.com slash Ramsey. |
0:10.1 | Today's question comes from Felix in North Dakota. |
0:13.5 | Bitcoin has been going through the roof recently, and it looks like it's becoming more and more of a stable investment. |
0:19.0 | Do you now recommend it as an investment, |
0:25.0 | or do you still believe it's too dangerous of an investment and that people should steer clear of it? |
0:30.3 | Oh, good question. I'm actually interested to see what you say about it. To clear the air on Bitcoin, because people really want to know my opinion, said no one. Here's the deal. I've never been |
0:35.6 | anti-Bitcoin. We took a call yesterday, Ken. Young man had every single one of his dollars in Bitcoin. Had nothing in savings, everything in Bitcoin. And he'd been doing really well. And he asked us, well, what's wrong with this? And I'm going, you've been alive for four days. So yeah, if you just think this is how it's always |
0:54.6 | going to be, then sure. But, you know, we've seen things. We've seen Bitcoin drop 50% in |
1:00.5 | value in 2022. It's 24-7. It's, there's a lot of fraud and scams around the crypto world right now. |
1:08.0 | It's been on a wild trend up lately. And so you're going, well, why invests |
1:12.2 | in the stock market to get a measly 10% when I could get a thousand percent? And so what |
1:17.1 | really comes down to is what I call the three stooges of wealth, which trips people up, |
1:20.9 | especially young people. It's fear, greed, and pride. So it's the, I'm so scared, there's the fomo of I got to get in this now or else I'm |
1:30.0 | going to be broke forever. There's the pride of, well, I know better. There's a little bit of arrogance |
1:34.2 | there. And then there's the greed of just like, I'm not going to settle for 12% in a slow way to |
1:39.8 | wealth when I can make it a lot faster. And so with Bitcoin, it's like investing in any single stock that's been on a wild ride. |
1:47.4 | You know, you see Nvidia going up, and then Deep Seek from China came out, |
1:50.6 | and Vintynexieh takes it. |
1:51.6 | And there's all this just gyration and fear in the market of what anything is going to do. |
1:56.2 | And it's why I recommend diversifying. |
1:57.9 | So it really comes down to diversifying versus Bitcoin equals bad, |
2:01.4 | and it's more that you got all your eggs in one basket. That's too much risk for one person to |
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