Cryptocurrency is one of the most divisive asset classes in history. Some feel it’s the first wave in a revolution, in which fiat currency will fall by the wayside along with centralized banking as a whole. Others consider it a worthless speculation that will eventually ruin everyone who invests in it.
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This is why it’s fascinating to see what popular money experts, many of the millionaires and billionaires themselves, have to say about cryptocurrency. Regardless of which side of the argument you fall on, if you choose to invest in crypto, be sure to understand the risks involved in owning such a volatile asset.
With that said, here’s where money experts like Dave Ramsey, Mark Cuban and others stand on crypto in 2024.
Dave Ramsey
The bestselling author and founder of Ramsey Solutions is decidedly against the idea of investing in cryptocurrency. Ramsey and his team see crypto as a flat-out speculation, nothing more, and one that carries enough volatility that it could prove extremely damaging to your portfolio.
According to Ramsey, betting on crypto is just one step above gambling in a casino, for the following reasons:
- Volatility
- Unproven rate of return
- Lots of unknowns
- Makes theft and fraud easier
Essentially, Ramsey advises against speculating on crypto because your money could be here today and gone tomorrow, and that’s not a way to build long-term wealth. As Ramsey puts it, “The road to building wealth is slow and steady, and there are still way too many unknowns when it comes to cryptocurrency. Could crypto become a more legit way to invest later on down the road? Maybe. But as things stand today, just say no. Get-rich-quick schemes are just that — schemes. Don’t risk it and pour all your hopes, dreams and money into them.”
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Mark Cuban
Mark Cuban straddles the line a bit when it comes to his opinions on crypto. While he personally believes in crypto and owns some himself, he also calls it a “Hail Mary.”
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