MSNBC’s Ruhle Has Zero Sympathy for Crypto Buyers: ‘If You Lose Your Shirt, Hope You Got a Six Pack’
Crypto markets are currently in a bit of a free fall — Bitcoin just dropped to its lowest value in over a year — and MSNBC’s Stephanie Ruhle showed little sympathy on Friday for individuals currently facing some harsh realities about their big crypto investments.
On MSNBC’s Morning Joe, Ruhle was brought on to discuss the current situation and said she hopes those about to lose their shirts have some six-packs to show off when they do.
Ruhle, host of the network’s The 11th Hour, compared the situation to the 2008 recession, but noted the difference is crypto is mainly based on individual investments — meaning no big bailouts for “institutions” suffering from a market crash. People knew crypto was a “risky investment,” she argued, and bigger investors have used the market to simply “diversify” their portfolios.
“You won’t have institutions at risk here, but millions and millions of individuals, many of whom have never invested in the markets, many of whom have borrowed to bet big in crypto, losing enormous amounts of money, so what’s going to happen?” Ruhle said.
Since the basis of cryptocurrencies is “secrecy” and “decentralization,” she continued, it’s a “buyer beware” market.
“Are people going to turn around and say, ‘the government needs to help me. I need to be bailed out for this.’ Let’s remember: the entire basis of crypto is secrecy. It is decentralization. It’s ‘don’t tread on me. I don’t want the government. I don’t want establishment,’ so this is very much a buyer beware [situation],” she said. “If you lose your shirt, hope you got a six-pack.”
Some crypto enthusiasts have argued now is a time to invest with the market in a lull and values down. Asked if people should invest, Ruhle tried to stay neutral and argue she wasn’t going to advice whether investing is a good or bad idea, but it didn’t take long for her to reveal her true thoughts about where crypto is headed.
“I am not here to advise whether one should buy,” she said, adding, “Right now if you were to, it’s much like catching a falling knife.”
