Dennis Gartman, editor and publisher of the Gartman Letter, discusses why he's not buying into Bitcoin.
Whatever you do, don't compare Bitcoin to gold when talking to Dennis Gartman.
The editor and publisher of the Gartman Letter thinks Bitcoin is a bubble that's ready to burst.
Gold, a physical metal that has been used as a medium of exchange for thousands of years, shares at least one thing in common with Bitcoin, a virtual currency launched nearly four years ago: Both have a finite quantity. Well, theoretically, at least.
(Read: Would you buy bitcoins?)
The total amount of Bitcoins is supposed to max out at 21 million in the next century. The limited supply and its basic structure may have attracted the likes of Peter Thiel and the Winklevoss brothers, but not Dennis Gartman. And, comparison between Bitcoin and gold is one that really perplexes him.
"It's one of the silliest ideas I've ever heard," says Gartman. "Bitcoin is not gold."
Gartman also doesn't entirely buy into theRead More »from Gartman: Why I’ll never buy Bitcoin