Gartman also had very harsh thoughts on the new gold in town: cryptocurrencies. And, to the longtime investor, the leading crypto bitcoin has already seen its high.
“I don’t think there’s any question bitcoin saw its high a month ago and the fact that ethereum had its blow up last week shows you how tenuous are the underpinnings of that market.”
Despite his bearish assessment on the virtual currencies, Gartman said he thinks blockchain technology is “genius” and wouldn’t be surprised to see the technology used to trade stocks in the future.
However, he does not view these new forms of exchange as a currency.
“The reason for bitcoin to have been created was ostensibly to be used as a purchasing mechanism, like dollars; but if something is able to move 15-20% in the course of a day, how can that possibly be used as a purchasing mechanism?” he questioned.
“I think it’s the most comical, ludicrous, and silly notion to come down the pipe since tulip bulb mania of the 15th century.”
>bitcoin has no underlying value >t. nocoiner since bitcoin was $10
Idgaf what some washed up boomer predicts
Angel Fisher
fuck gold nigga. mr baby boomer can't think outside the box of his traditional asset classes
Isaiah Scott
Fucking kek
This is some good news. Anyone who doesn't know who Dennis Gartman is should know that you always do the opposite of what he says. If he is bearish you better be bullish if he is bullish then fuck you, get bearish.
Angel Evans
he makes a good point in saying that volatility kills the actual mechanism of crypto; buying things
i don't give a shit though, i'm just trading this shit to make money
Liam Gonzalez
This Gartman guy is a meme on Zerohedge because he is always wrong.
Angel Rodriguez
>goldcucks
Elijah Cooper
>delaying normies
Thank you, doing God's work right here
Adam Sanders
>b-bitcoin is DONE, MUH TULIPS >It rises up to a new ATH
I swear these boomers will be discounting Crypto even when the market cap surpasses the stock market.
William Sanders
>tfw boomers will be the great elders soon >tfw no elderly wisdom because boomers are retarded
Mason Flores
>b-buy my g-gold whalebags everyone, p-please >crypto isn't real money, our unlimited magic money is the real one
Jace Ramirez
this guy is an absolute contrarian indicator
completely wrong on most calls
t. trader for 10 years
Cooper Hill
>btc has seen its high
Dumbfuck
Luis Lopez
Haven't (((they))) been saying this since BTC was like $1000 or something?
Ian Rodriguez
Soon as it surpassed a fraction of a cent, boomers denied it.
Hunter Wilson
>since btc was $100 Ftfy
Aiden Phillips
>t. i got in at 3k and now i'm mad as fuck, Boomer
Cameron Bennett
(((Gartman)))
That is all
Jonathan James
This type of stuff really tickles me.
Sebastian Bell
why would gold have value but not bitcoin?
Daniel Anderson
because he's comfortable with gold and digital anything scares him
Christian Johnson
stupid kids, just do what we did when we were young. Just go get a high paying job (there's plenty of them, just walk in and tell the boss you're a Hard Worker(tm)) then buy yourself a house in 4 months. Then when you're in your 50s, collect your pension and social security. Your silly cryptowoosties are a waste of time.
Cooper Mitchell
...
Jayden Phillips
>he makes a good point in saying that volatility kills the actual mechanism of crypto; buying things
That just isn't true or logical
$100 of crypto is worth $100 of stuff or $100 of dollars or $100 of yen
This guy just says shit his customers expect him to say because he is a Gold shill
Kevin Mitchell
king jew, now sell and buy the shekels
Lincoln Murphy
Do you honestly believe that once bitcoin has been fully mined and everyone is aware of it and its market presence is established, that it will continue to have 10-25% daily swings??
Bitcoin is either going higher or its going to be worthless. The current level of volatility is meaningless.
Tyler Thompson
because the lizard Jew's making insane fortunes by manipulating gold prices don't want people moving their fiat into anything else
Landon Ramirez
Volatility is decreasing over time. Look it up. Any time anyone uses the tulip bulb meme you know definitely they have to idea what they are talking about and should never listen to or associate with them again.
Hudson Reyes
You missed his point. The price of Bitcoin changes to fast for it to be useful as currency.
Evan Bell
(((Gartman))) A kike would never lie to you. So be good goys and gals and only use government approved (((federal reserve))) jewcoins.
Levi Cook
that's sort of true for the most part, but that's only because the market is still very small. A single large purchaser or seller could affect it's value. There's not enough "bloat" in the system to be able to absorb the shock. It's not a design flaw, that's just how it is with small markets. As the market grows bigger and bigger those shock waves (price fluctuations) will get smaller and smaller. That's how markets work.
Gavin Brooks
>our unlimited magic money is the real one Oye vey goyim! It was given to us by GOD, we are his chosen people!
Michael Jackson
Hate on bitcoin is good, keeps the normies out
Elijah Myers
>he makes a good point in saying that volatility kills the actual mechanism of crypto And what would that retard know about "the actual mechanism of crypto" is he a software engineer? The guy it a literal and actual RETARD!!
