"There are an infinite amount of finite amounts of cryptocurrencies," Dennis Gartman says.
It seems this famous investor remains unconvinced by Bitcoin — irrespective of how high its price can go.
Dennis Gartman told Bloomberg that BTC is “utterly illogical,” and he predicted that the digital asset won’t be a competitor with gold for long. Warning it was unfair to compare Bitcoin with gold, he said:
“Gold has been around for thousands of years, Bitcoin has been around for 20 years. Bitcoin is the millennials’ gold, I understand that — I get that. I will never understand Bitcoin as far as being able to buy it at $10,000, $15,000, $20,000. I shall leave that to people who are wiser, smarter or more courageous than I.”
(Bitcoin has been around for 12 years, but anyway.)
Gartman went on to share fears that BTC’s value could one day plunge to zero should central banks take action and refuse to give up their monopoly on monetary policy. Although he wished Bitcoin investors well, he said he’d much rather have exposure to precious metals instead.
“The problem that I have is that everyone argues that Bitcoin has to go higher because there’s a finite amount that will eventually be mined. Yes, I understand that — but now there are 7,000 various cryptocurrencies out there. There are an infinite amount of finite amounts of cryptocurrencies.”
(There are more than 8,000 cryptocurrencies, but anyway.)
Gartman firmly believes that the “fun, joy and enthusiasm” over Bitcoin and other cryptocurrencies will fade eventually — but his message is clear: he doesn’t understand the craze, and he doesn’t want to either.
“Perhaps I’m just an old man, perhaps I shall be wrong, perhaps Bitcoin becomes the currency of the future, if so it does it without me.”
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