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Bitcoin Headed ‘Below $5k,’ Is ‘One Of Silliest Things’ - Dennis Gartman

Dec 31, 2017 Posted /  5979 Views

Bitcoin Headed ‘Below $5k,’ Is ‘One Of Silliest Things’ - Dennis Gartman

Gartman Letter creator and former trader Dennis Gartman have said Bitcoin would trade “below $5,000” and that it is “one of the silliest things in a long time.”

In two appearances on newly Bitcoin-bearish TV network CNBC, Gartman stressed the implausibility of the digital currency and said he would have no connection or exposure to it.

“I'm very bearish on Bitcoin, I think it's one of the silliest ideas I've heard in a long time," he explained its Futures Now segment Saturday.

Speaking on Worldwide Exchange previously, Gartman joined Bitcoin makes “no sense whatsoever.”

“I won't trade it. I won't be long of it. I won't be short of it,” he announced, failing to see the merits of “some sort of an asset that has no real asset value behind it.”

The Wall Street veteran’s perspective is typical of the highly critical approach a diminishing number of popular economics figures stay to hold on Bitcoin.

While some of the most famous naysayers have either U-turned or quietened down on the point, some, including central bank chiefs and even entire governments, maintain that it will evaporate.

For its part, while earlier assuming a neutral stance on Bitcoin, CNBC latterly turned the tables dramatically, issuing practically all warnings about spending in it while championing the alleged advantages of an altcoin, Bitcoin Cash.

The network’s Fast Money section has been especially vocal, its Twitter account causing a stir when it published pro-Bitcoin Cash element some considered was verging on attacking in nature.

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Tags: bitcoin Dennis Gartman

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