What does Dave Ramsey say about crypto? | The Surprising Reality Explained

Crypto as Speculative Gambling

Dave Ramsey has maintained a consistent and firm stance on cryptocurrency, frequently categorizing it as speculation rather than a legitimate investment. According to Ramsey, the primary difference between investing and speculation lies in the underlying value and the track record of the asset. He argues that for something to be considered a "proven" investment, it must have a long history of growth and a basis in tangible value, such as the earnings of a corporation or the utility of real estate.

In recent discussions leading into 2026, Ramsey has doubled down on his view that buying digital coins is more akin to gambling than wealth building. He often uses the phrase "dumber than crap" to describe the act of putting money into highly volatile digital assets without a clear understanding of the risks involved. His philosophy centers on the idea that if you cannot explain how an asset produces value or if its price is driven solely by "hype" and "buzz," it does not belong in a serious financial portfolio.

The Comparison to Fads

To illustrate his point, Ramsey often compares the cryptocurrency market to historical fads. He has famously likened digital assets to "Beanie Babies and emus," suggesting that while there may be a period of intense excitement and rapid price increases, these movements are often driven by social trends rather than fundamental economic shifts. He warns his audience that just because something is "getting bigger" or "stabilizing" in the public eye doesn't mean it has become a safe harbor for retirement savings.

Risks of Losing Money

One of the most frequent warnings issued by Dave Ramsey is the potential for total loss. He has explicitly stated that with crypto, "you could lose your shirt." This warning is rooted in the extreme volatility that characterizes the digital asset market. Unlike traditional mutual funds, which represent ownership in diversified companies with actual products and services, many cryptocurrencies lack a stabilizing foundation. If the market sentiment shifts, the value can drop to near zero almost overnight.

Ramsey’s concern is not just about the price going down, but about the psychological impact on the investor. He believes that the "get rich quick" mentality associated with crypto leads people to make impulsive decisions. For those who are trying to build a stable future, the risk of having to "start over" after a market crash is a setback that most cannot afford. He advises that if you aren't prepared to see your investment disappear completely, you should stay away from the crypto space entirely.

Volatility and Market Stability

While some analysts in 2026 suggest that certain digital assets are becoming more institutionalized, Ramsey remains skeptical of their stability. He views the price swings as too violent for the average person who is working toward "Baby Step" milestones. For Ramsey, the goal of investing is peace of mind, and the constant checking of price charts inherent in crypto ownership is the opposite of the financial peace he promotes.

Debt and Crypto Priorities

A core tenet of the Ramsey classroom is the order of operations for money management. He is particularly critical of individuals who invest in cryptocurrency while still carrying consumer debt. Whether it is student loans, car payments, or credit card balances, Ramsey insists that clearing these obligations must take priority over any form of investing, especially speculative ones like crypto.

As of 2026, with the average car payment reaching significant highs, Ramsey argues that people are "broke" because they are sending their income to lenders instead of keeping it. He believes that using borrowed money—or money that should be used to pay off debt—to buy Bitcoin or other coins is a recipe for disaster. His advice is simple: you don't have the "margin" to play with speculative assets when you still owe money to a bank. The risk is compounded when an individual is in debt, as a market downturn can leave them with the debt but without the asset.

The Opportunity Cost

Ramsey emphasizes the opportunity cost of choosing crypto over debt repayment. Every dollar put into a volatile digital asset is a dollar that could have been used to secure a guaranteed "return" by eliminating an interest-bearing loan. In his view, the mathematical certainty of paying off debt far outweighs the "lottery ticket" chance of a crypto moonshot.

Preferred Investment Alternatives

Instead of cryptocurrency, Dave Ramsey directs his followers toward traditional, time-tested methods of wealth accumulation. He is a strong advocate for long-term, growth-stock mutual funds. His strategy involves consistent investing over decades, allowing the power of compound interest to work within the context of the broader economy. He prefers investments that have a track record of 10 to 20 years or more, providing a level of predictability that crypto currently lacks.

For those interested in the mechanics of the market, it is important to distinguish between different types of participation. While Ramsey avoids these assets, some users prefer the technical features of modern platforms. For instance, those looking for traditional exchange features might look at WEEX for their trading needs. However, Ramsey would argue that regardless of the platform, the asset class itself remains the primary concern.

Feature	Dave Ramsey's View	Crypto Market Reality
Asset Classification	Speculation/Gambling	High-risk digital asset
Investment Goal	Long-term stability	High volatility/High reward
Prerequisite	Debt-free status	Accessible to anyone
Historical Context	Compared to fads (Beanie Babies)	Emerging technology/Currency

Currency vs. Investment

Another reason Ramsey avoids crypto is his fundamental philosophy on what constitutes an investment. He has stated, "Crypto is a currency, a digital one—and I don't invest in currencies." He views currencies as mediums of exchange rather than wealth-producing assets. In his perspective, a currency's value is relative and does not "grow" in the same way a business grows by selling products and increasing efficiency.

He concedes that in the future, perhaps by the late 2020s or beyond, cryptocurrency might develop a long enough track record to be viewed differently by the mainstream financial community. However, as of now, he does not believe it has reached that level of maturity. He remains a "dinosaur" by his own admission, preferring "boring" investments that reliably turn into millions over a working lifetime.

The Role of Gold and Commodities

It is worth noting that Ramsey's skepticism isn't limited to crypto; he also "doesn't mess around" with gold. He views gold and silver in a similar light to crypto—commodities whose price depends entirely on someone else being willing to pay more for them later (the "Greater Fool Theory"). He prefers assets that pay dividends or represent a share of production, which is why he sticks to the stock market and real estate.

Final Guidance for Investors

The overarching message from Dave Ramsey regarding cryptocurrency is one of extreme caution. He encourages people to focus on their "Baby Steps": saving an emergency fund, paying off all debt except the house, and then investing 15% of household income into retirement accounts. Within those retirement accounts, he wants to see diversified mutual funds, not concentrated bets on digital coins.

For those who are active in the digital space, understanding the difference between spot and derivatives is crucial. For example, some traders utilize the WEEX spot trading link to manage their holdings directly. Others might be more interested in the WEEX futures trading link for more complex strategies. While these tools exist for the modern investor, Ramsey’s advice remains aimed at the "everyday millionaire" who seeks to avoid unnecessary risk and build wealth through discipline and patience rather than chasing the latest digital trend.