Cryptocurrencies are not investment but speculation

Dave Ramsey, a popular US radio host offering budget and debt advice, insists that cryptocurrencies should not be considered an investment. According to the conductor, everything that will be considered an investment must have historical data, something that is obviously lacking in cryptocurrencies. He claimed that cryptography is not an investment, but rather a speculative form of gambling.

Ramsey further explained that digital currencies are a typical "get rich quick" scheme that has the ability to blind people to the potential dangers inherent in it. Earlier this week, bitcoin fell below the $ 40,000 mark for the first time since September 2021, sparking more fears among investors.

Recall that the downtrend started about six weeks ago and, in a short time, over $ 333.5 billion was lost from the total cryptocurrency market capitalization. However, the market cap has rebounded to $ 1.898 billion since Saturday, keeping hopes alive.

The recent decline, however, could be another indication that the worst is yet to be over, giving more credit to the line of thinking people like Dave Ramsey have. Many experienced analysts have argued that the ground plan for Bitcoin is around $ 30,000. According to one such expert, BTC will drop even further, leaning towards the $ 30K mark before finally climbing to the expected $ 100,000.

Dave Ramsey may also have a point bearing in mind that Bitcoin had no trading data existing prior to the 2008 financial crisis. However, it should be known that the recovery or sinking of the market is absolutely based on what will happen next in the global economy.

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