Famous Market Analyst Dennis Gartman said "I will not buy Bitcoin" and explained why!

Famous market analyst and the President of Akron University Foundation, Dennis Gartman, expressed his doubts about Bitcoin despite its remarkable rise this year. Speaking to Bloomberg, Gartman stated that he was surprised by the performance of Bitcoin, but he still preferred gold as a more lasting asset.

Bitcoin has gained approximately 140% this year, significantly surpassing the 30% gain of gold. However, Gartman is still not convinced. He said, ‘I am still surprised by the amount of respect given to Bitcoin.’ Acknowledging that BTC is a rare value, Gartman compared the Bitcoin frenzy to historical bubbles such as the Dutch tulip mania of the 17th century and the technology boom at the end of the 1990s.

He said, “Gold has been considered an asset for centuries, while Bitcoin has only been around for a few months,” and added, “I almost always prefer long-term investment over monthly investment.”

Despite his skepticism, Gartman refrained from predicting an imminent collapse. Instead, he warned about the ultimate fluctuation by suggesting that the price of Bitcoin could dramatically fluctuate before potentially falling in the future.

When asked to discuss the argument that Bitcoin is ‘digital gold’ due to its limited supply, Gartman backed down. He pointed out the proliferation of other cryptocurrencies that he believes weaken the scarcity appeal of Bitcoin. He said, ‘Countless other cryptocurrencies are entering the market, which eliminates the one-time scarcity value of Bitcoin’.

On the other hand, according to the analyst, gold’s history as a store of value and medium of exchange gives it a unique position. Gartman said, “Gold has been money for thousands of years and will probably continue to be so for another thousand years.”