Bitcoin Has No Real Asset Value, Says Former Wall Street Trader Dennis Gartman
While many are thrilled with the skyrocketing prices of Bitcoin, a Wall Street Veteran seems to be on the opposite end of the pole.
Dennis Gartman, the creator of The Gartman Letter and a former Wall Street trader himself, believes that Bitcoin will soon trade below the $ 5000.
The strong statement was made by Gartman during his TV appearance on CNBC. On December 30, 2017, Gartman appeared on the Futures Now segment expressing that the said cryptocurrency is one of the silliest things he has seen in a long time.
He likewise used the analogy of the Tulip Mania which took place 400 years ago that sent millions of Dutch into a frenzy.
According to the former trader, the use of cryptocurrency is highly implausible and that he had no interest having contact 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”.
This was not the first time Gartman rallied against Bitcoin. When he appeared on Worldwide Exchange recently, he likewise expressed his disdain for Bitcoin urging investors to stay away from it as this digital currency has no real asset value.
While a number of naysayers have taken a U-turn in the topic, it is safe to say that Gartman is not along in rallying against Bitcoin. It can be recalled that Jamie Dimon, the Chairman, and CEO of J.P. Morgan Chase has once referred to this cryptocurrency as a fraud and even predicted that it would blow up.
At present, there are also a number of commercial banks and financial institutions who remain skeptical about the Bitcoin and cryptocurrencies in general.