Newsletter Publisher Dennis Gartman: Bitcoin “Will End Very Badly”br>
Dennis Gartman, editor and publisher of The Gartman Letter investment adviser, said bitcoin is “a punter’s dream” today on CNBC.
Using London slang for someone who gambles – and not referring to a specialist kicker in the NFL – Gartman said he’s staying out of the cryptocurrency market.
“It is a punter’s dream,” Gartman said during an appearance on CNBC’s “Fast Money” show. “I give them credit for that, but it is something that I will absolutely stay away from, have stayed away from it, didn’t understand it to begin with, don’t understand it now.”
Gartman is well-known in the highly speculative commodities industry. In the late 70’s, Gartman became the Chief Financial Futures analyst for A.G. Becker & Company in Chicago. later becoming an independent member of the Chicago Board of Trade until 1984, trading in Treasury bonds, Treasury notes and futures contracts.
In 1984, Gartman moved to Virginia to run the futures brokerage operation for the Sovran Bank, and in 1987 Mr. Gartman began producing The Gartman Letter on a full-time basis.
Gartman said the ever-fluctuating bitcoin price has kept him away from the market.
“What bothers me is that something that can move 5, 10, 15, 18 percent in the course of the day for what’s supposed to be a pricing mechanism,” Gartman said. “How can you buy a house? How can you buy a car? How can you buy Starbucks with bitcoin when the price is going to fluctuate as it has?”
He concluded with a somber warning.
“We’ll walk in one day and this will all have ended,” he said. “And it will end very badly.”