"God Told Me To Buy Crypto"

Summary

Podcast Summary: The Ramsey Show Highlights – "God Told Me To Buy Crypto"

Release Date: April 14, 2025
Host/Author: Ramsey Network
Duration: Under 10 minutes

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Introduction

In the episode titled "God Told Me To Buy Crypto," hosted by the Ramsey Network, listener Arabella reaches out for financial advice regarding her cryptocurrency investments amidst existing debts and the impending purchase of a new home. The discussion delves into the pitfalls of speculative investments, particularly in the volatile cryptocurrency market, and examines the intersection of faith and financial decision-making.

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Caller's Financial Situation and Dilemma

Arabella initiates the conversation by outlining her current financial landscape:

• Crypto Portfolio: Approximately $60,000
• Debt: $14,000 in student loans and $37,000 in an auto loan
• Upcoming Commitment: Closing on a house with a mortgage

She poses a critical question: Should she sell her crypto holdings now to eliminate debt and approach homeownership debt-free, or hold onto her investments in anticipation of a predicted crypto bull run in April?

Notable Quote:

Arabella (00:06): "We have a crypto portfolio that is at about $60,000 right now... should we sell our crypto right now and just pay off all of our debt... or try to wait out the bull run that is projected to happen with crypto in about April."

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Expert Responses: Prioritizing Debt Over Speculative Investments

Jade Warshaw promptly advises against attempting to time the crypto market. She emphasizes the importance of financial stability over potential high-risk gains.

Notable Quote:

Jade (00:57): "I wouldn't try to time the market with it... I would liquidate this crypto and I would pay off this debt. I would do that instantly."

Dave Ramsey echoes similar sentiments, critiquing the speculative nature of cryptocurrency. He underscores the inherent volatility and the lack of a reliable track record for crypto investments, categorizing them as speculation rather than investment.

Notable Quotes:

Dave Ramsey (01:22): "Crypto... it's one of the most volatile, high-risk investments on the planet. And it's not technically an investment. It's actually called speculation."

Dave Ramsey (03:02): "The answer to your question is what Jade said. Cash it out today and pay it off."

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The Risks of Speculation vs. Investment

The conversation delves deeper into distinguishing speculation from investment. Dave Ramsey emphasizes that true investments are long-term and grounded in stability, whereas crypto trading resembles gambling due to its unpredictability.

Notable Quotes:

Dave Ramsey (02:34): "Crypto... it's the roll of the dice... you don't know what's going to happen."

Dave Ramsey (04:12): "Speculation is buying something you hope is going to go up, that has no track record. That's speculation... Investing is a long-term gain."

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Faith and Financial Decisions: A Critical Examination

Arabella introduces a compelling aspect of her financial choices: her Christian faith. She explains that her decision to invest in crypto stems from a belief that God directed her towards specific coins, guiding her through market fluctuations over five years.

Notable Quote:

Arabella (03:51): "We are Christian and we do not gamble and don't think gambling is okay. But we felt like God showed us these three specific coins that were investing."

However, both Ramsey and Jade express skepticism regarding this rationale. They argue that biblical principles favor prudent, long-term investments over speculative ventures, which can be likened to gambling.

Notable Quotes:

Dave Ramsey (04:22): "There are no instances in the Bible where speculation... it's not gambling, but it's speculation. The difference... Investing is a long-term gain."

Jade (04:12): "Like a crystal ball."

Dave further criticizes Arabella's approach by questioning the theological foundation of using faith to justify high-risk financial behavior, suggesting a disconnect between her financial strategies and Christian teachings.

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Conclusion and Key Takeaways

The episode concludes with a reinforcement of the core financial principles advocated by the Ramsey Network:

1. Prioritize Debt Elimination: High-interest debts, such as student loans and auto loans, should take precedence over speculative investments.
2. Avoid Speculative Investments: Engage in stable, long-term investments rather than volatile markets like cryptocurrency.
3. Faith-Aligned Financial Planning: Ensure that financial decisions align with sound, scriptural principles rather than relying solely on perceived divine indications.

Dave Ramsey encapsulates the advice with a final directive:

Notable Quote:

Dave Ramsey (04:45): "Create your free EveryDollar budget today. The simplest way to budget for your life."

Listeners are encouraged to adopt disciplined budgeting and debt management strategies to achieve financial peace and stability.

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Final Thoughts

"God Told Me To Buy Crypto" serves as a cautionary tale about the allure of high-risk investments and the importance of grounding financial decisions in proven strategies and ethical considerations. Through Arabella's experience, listeners are reminded of the critical balance between faith, financial responsibility, and the perils of speculation.

Transcript

[Dave Ramsey]

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[Arabella]

So I have. My husband and I have a crypto portfolio that is at about 60,000 right now. And we are about to close on a house, and we have no credit card debt, but we have 14,000 student loans and 37 in an auto loan. And we don't know if we should sell our crypto right now and just pay off all of our debt and, you know, start this process with a home with a mortgage debt free, or try to wait out the bull run that is projected to happen with crypto in about April. And so, you know, at whatever price, it'll be around then.

[Jade]

I, I wouldn't try to time the market with it. I, I mean, you guys are in debt today and you're closing on the house really quickly. And so I would liquidate this crypto and I would pay off this debt. I would do that instantly.

[Arabella]

Okay, but do you have any advice on, like, what if it were to go to the projected amounts that the coins we hold are going to go to?

[Dave Ramsey]

You know what the other projected amount is? Right? The other projected amount is zero that they go to you. You have. Do you have a recent memory about crypto?

[Arabella]

So we are not invested in meme coins, which is.

[Dave Ramsey]

I mean, you are invested in crypto. Do you have a recent memory, like, in the last 36 months of what that has. That category of investing has done. It's one of the most volatile, high risk investments on the planet. And it's not technically an investment. It's actually called speculation.

[Arabella]

We were up $30,000 more than we are right now, just right before the tariffs. So.

[Dave Ramsey]

Interesting. And so what happens when Trump burps again? You're screwed.

[Arabella]

Okay, okay, so.

[Dave Ramsey]

Okay, listen, stop a second. You're acting like this is some kind of steady, predictable investment because it has a long track record. The only track record that crypto has is extreme volatility. That's the facts.

[Arabella]

So we've been writing it out for five years.

[Dave Ramsey]

Jesus. You are not listening, Arabella.

[Jade]

Do you know what you sound like?

[Dave Ramsey]

You sound like somebody's in denial.

[Jade]

Someone who's in denial and somebody much I do.

[Dave Ramsey]

Very little cocaine.

[Jade]

Someone's at the crap table. Who's at the craps table? I'm just going to let it ride.

[Dave Ramsey]

I'm hot. I'm hot right now.

[Jade]

That's what you sound like. Because it is. It's basically a form of gambling because you don't know what's going to happen. And just because you Had a great week two weeks ago. You don't know.

[Dave Ramsey]

It's speculation. It's the roll of the dice. You're in Vegas and your car payments on the line. So the answer to your question is what Jade said. Cash it out today and pay it off. But another way to help you analyze this from a decision making paradigm is to do a sunk cost analysis. Pretend in your mind before you called us and asked this question, pretend in your mind. If you said, okay, I have no credit card debt and no car debt. Should I go borrow on my car and on a credit card to buy $60,000 worth of crypto?

[Arabella]

Absolutely not. Well, it's the same thing, okay?

[Dave Ramsey]

If you don't sell it today, you borrowed it again tomorrow. It's the same thing. It says if you borrowed it. You understand that?

[Arabella]

I have one more question then. So we. The reason we invest in crypto in the first place is obviously we are Christian and we do not gamble and don't think gambling is okay. But we felt like God showed us these three specific coins that were investing.

[Jade]

Like a crystal ball.

[Arabella]

And we have just been waiting for the right time for him to show us when to sell, which is why we've been holding for five years through two bull runs.

[Jade]

Arabella, I'm upset with this. I'm upset that you're, that you're telling.

[Dave Ramsey]

Us this really bad theology. Parabella. Really bad. Okay? Because there are, there are no instances in the Bible 0. Where speculation, which is what this is, it's not gambling, but it's speculation. The difference in investing and in speculation is speculation is you're buying something you hope is going to go up, that has no track record. That's speculation. You're looking for a short term gain. Investing is a long term gain. Investing over a long period of time is scriptural. Playing short term games with money that you don't have because you're broke, you have a car payment, you're broke people, and you're borrowed on your car and on your credit card effectively to play a short term game. Please don't blame that on the Holy Spirit. It might have been a spirit, but it wasn't the holy one. That's nuts. Okay, so sorry. Now I've insulted you completely. But, oh, well, just that's for the rest of the audience's edification. That's all I can say because I don't think I'm gonna help you at all. Create your free every dollar budget today. The simplest way to budget for your life.