Dave Ramsey, author of the bestselling book Show Me the Money, positions himself as an expert in wealth management, calling himself “America's trusted voice with money.” On an episode of The Dave Ramsey Show, Ramsey addressed the topic of Bitcoin when answering a user's question: could Bitcoin be a viable asset to allocate up to 5% of your investment portfolio to? Ramsey compared Bitcoin to air, despite the fact that the market capitalization of this asset exceeds a trillion dollars.
“Bitcoin has no value, so I wouldn’t even wish my enemy to invest in it. Ask people like Warren Buffett, who says that if he doubled the amount he could invest in Bitcoin, he would still be broke because that's how much he invested in Bitcoin. I will support Warren on this issue,” Ramsey said.
The American writer believes that investing in gold is much better than investing in the first cryptocurrency. As Ramsey explained, the only reason gold is more valuable than Bitcoin is because two people agreed on that value and fought over it. The same applies to any goods and currencies: the value of any currency is based on people’s faith in it, and Bitcoin is the least trusted, Ramsey added. According to him, he does not invest in assets that do not have long-term credibility.
Earlier, the head of Berkshire Hathaway, Warren Buffett, whom Ramsey mentioned, said that even if people lose confidence in the US dollar, Bitcoin will still not become a global reserve currency. Buffett compared investing in Bitcoin to gambling, the outcome of which is loss.
Source: Bits
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