Ramsey Everyday Millionaires: Has Dave Gone Soft On Crypto?

Release Date: July 21, 2025

In this compelling episode of Ramsey Everyday Millionaires, hosted by the Ramsey Network, Dave Ramsey engages in a thorough discussion about his stance on cryptocurrency. Titled "Has Dave Gone Soft On Crypto?", the episode delves deep into the nuances of crypto as an investment, its volatility, and how it compares to other speculative ventures. Joined by co-host Ken Coleman, the conversation offers valuable insights for both seasoned investors and those new to the financial landscape.

1. Introduction to the Discussion

The episode kicks off with Ken Coleman posing a pertinent question from Chris in Florida, addressing a perceived shift in Dave Ramsey's attitude toward cryptocurrency. Chris references Dave's previous hardline stance and seeks clarification on whether Dave has softened his views and under what conditions he might consider crypto a legitimate investment.

2. Dave’s Firm Stance on Cryptocurrency (00:34 – 02:38)

Dave Ramsey begins by reaffirming his unwavering position against cryptocurrency as a legitimate investment. He emphasizes the fundamental difference between speculative ventures like Bitcoin and stable, traditional currencies.

Dave Ramsey [00:46]: "You should not buy the Chinese yen as an investment because your golfing buddy said it was a good idea or some idiot on TikTok."

He likens Bitcoin to gambling rather than a sound investment, highlighting its speculative nature and extreme volatility.

Dave Ramsey [01:20]: "Bitcoin is cool and it's what we talk about on TikTok. They don't talk about Iraqi dinar on TikTok. Right."

Dave underscores that while individuals are free to use "fun money" for such speculative activities, it should not constitute a significant portion of one's investment strategy.

3. Speculation vs. Investment (02:38 – 05:17)

The conversation shifts to differentiate between speculation and genuine investment. Dave warns against treating volatile assets like Bitcoin as stable investments, comparing them to gambling with high risks.

Dave Ramsey [02:50]: "What you're doing is you're... getting ready to screw up your whole freaking life because you're an idiot."

He draws parallels between cryptocurrency and other speculative items like Beanie Babies, illustrating the pitfalls of investing based on trends rather than fundamentals.

4. Comparing Crypto to Past Speculative Fads (05:17 – 07:03)

Dave reminisces about past investment fads, such as Beanie Babies and Cabbage Patch Kids, to caution against the allure of following market hysteria.

Dave Ramsey [06:10]: "It's a fad, it was a thing. Everybody got wild about it. Cabbage Patch Kids, whatever you want to go to next."

He explains that commodities and speculative items are subject to the basic supply and demand dynamics, often driven by greed and fear rather than intrinsic value.

Dave Ramsey [07:06]: "That's the commodities. The commodities go up or down based on shortage or oversupply."

5. The Necessity of Stability in Currency (07:03 – 08:51)

Expanding on the need for stability, Dave compares Bitcoin to unstable currencies from regions with political turmoil, such as the Iraqi dinar during Saddam Hussein's regime. He underscores that without a proven track record and stability, cryptocurrencies cannot be deemed legitimate.

Dave Ramsey [04:10]: "It needs a longer track record that is stable."

He dismisses the technological basis of Bitcoin as insufficient to render it a stable or reliable currency, likening its volatility to a roller coaster ride gone wrong.

Dave Ramsey [05:17]: "It's like riding the worst roller coaster that went off the rails at Six Flags."

6. The Reality of Speculative Investments (08:05 – 09:01)

Ken Coleman brings up the comparison to the COVID-19 panic-driven sales of toilet paper and hand sanitizer, highlighting how market frenzies can lead to speculative bubbles.

Ken Coleman [07:49]: "Toilet paper during COVID. Remember that?"

Dave uses these examples to reinforce his point that speculative investments are often driven by temporary shortages or irrational market behavior rather than lasting value.

Dave Ramsey [08:17]: "That's a commodity. The commodities go up or down based on shortage or oversupply."

He concludes by urging listeners to view cryptocurrency strictly as speculation and to limit such activities to "fun money," ensuring that their core investment strategies remain sound and stable.

Dave Ramsey [08:28]: "If you're going to speculate on anything, it needs to be with fun money, because that means you're gambling."

7. Final Thoughts on Investing Responsibly

Dave wraps up the discussion by reinforcing the importance of informed and disciplined investing. He cautions against the allure of quick profits through speculative means and encourages listeners to focus on stable, long-term investment strategies.

Dave Ramsey [09:01]: "If you're getting your financial advice from TikTok, you got a problem."

Key Takeaways

• Cryptocurrency as Speculation: Dave Ramsey maintains that cryptocurrencies like Bitcoin are highly speculative and akin to gambling rather than legitimate investments.

• Importance of Stability: For a currency or asset to be considered a valid investment, it must demonstrate stability and a proven track record.

• Beware of Market Fads: Historical speculative bubbles, such as Beanie Babies and hand sanitizer during COVID-19, serve as cautionary tales against following market hysteria.

• Use Fun Money Wisely: If one chooses to engage in speculative investments, it should be with disposable income that won't jeopardize their financial stability.

• Disciplined Investing Over Speculation: Emphasizing long-term, disciplined investment strategies over chasing volatile assets is crucial for building and maintaining wealth.

Notable Quotes

• Dave Ramsey [02:50]: "What you're doing is you're... getting ready to screw up your whole freaking life because you're an idiot."

• Dave Ramsey [05:17]: "It's like riding the worst roller coaster that went off the rails at Six Flags."

• Dave Ramsey [08:28]: "If you're going to speculate on anything, it needs to be with fun money, because that means you're gambling."

• Dave Ramsey [09:01]: "If you're getting your financial advice from TikTok, you got a problem."

Conclusion

In "Has Dave Gone Soft On Crypto?", Dave Ramsey reaffirms his skeptical view of cryptocurrency, emphasizing its speculative nature and inherent risks. He urges listeners to prioritize stable, long-term investments and to approach speculative ventures with caution, ensuring they do not compromise their financial well-being. This episode serves as a valuable resource for anyone navigating the complex world of investments, offering pragmatic advice grounded in financial prudence.