Throughout history, 2020 will be seen as the year when mainstream financial gurus started to get won over by the beauty that is Bitcoin. The asset was boosted thanks to the world’s economy being crippled by the COVID-19 pandemic, which only spurred adoption even more. Dennis Gartman, however, alongside other market experts, are still unconvinced of these new digital assets and what they can bring to the table.
A 11-Year-Old Asset Claimed To Be 20
Gartman did an interview with Bloomberg on Tuesday, where he affirmed that Bitcoin and Gold aren’t similar or really equivalent.
Gartman’s argument is the fact that Bitcoin is a child compared to gold, only being in the world for 20 years as opposed to thousands of years for gold. Gartman has been giving the Gartman Letter, a financial commentary series, for thirty years now, meaning that his little commentary series is older than Bitcoin as well.
Bitcoin itself, however, has been available for a bit more than half what Gartman claimed. Satoshi Nakamoto, the enigmatic creator of Bitcoin, published the framework back in 2008, with the asset itself officially launching in 2009. A quick number crunch shows that the asset’s been around for 11 years, give or take a few months.
Warning That Bitcoin’s Price Will Collapse
In his letter, Gartman described Bitcoin as gold for the millennials, claiming that he’s either not smart, wise, or courageous enough to understand the asset entirely. All he knows, is that he can buy it at $10,000, $15,000, and $20,000
Gartman stands in the camp, alongside other analysts, that believe that Bitcoin will eventually see its price collapse in on itself. In his own mind, Gartman thinks that this will be due to the central banks and monetary authorities of the world simply refusing to give up their monetary policy authority. As such, one day, he believes Bitcoin will be rendered worthless.
As Gracious As Anti-BTC Proponents Can Get
However, he did hint at the possibility that Bitcoin could go as far as $100,000 before his predicted failure. He quoted John Maynard Keynes, who once stated that the market at large could stay illogical far longer than any one person could stay solvent. In Gartman’s eyes, the market’s completely illogical.
Gartman was honestly nice and courteous about the entire matter, showing no ill feelings towards those that opt to go into Bitcoin. The man himself simply prefers gold, maybe because that’s what he knows. Another thing he highlighted positively of Bitcoin is its limited supply, speculating that the price can only rise as a result.