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Bitcoin Headed ‘Below $5k,’ Is ‘One Of Silliest Things’ - Dennis Gartman To CNBC

https://cointelegraph.com/images/725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdlL3VwbG9hZHMvdmlldy85MDU3NGEwYzhlMTE2OTkyN2M4ZGFlYTU3MmJlYjM3Yy5qcGc=.jpg

Gartman Letter creator and former trader Dennis Gartman has said Bitcoin will trade “below $5,000” and that it is “one of the silliest things in a long time.”

In two appearances on newly Bitcoin-bearish TV network CNBC, Gartman stressed the implausibility of the virtual currency and said he would have no contact or exposure to it.

“I'm very bearish on Bitcoin, I think it's one of the silliest ideas I've heard in a long time," he told its Futures Now segment Saturday.

Speaking on Worldwide Exchange previously, Gartman added Bitcoin makes “no sense whatsoever.”

“I won't trade it. I won't be long of it. I won't be short of it,” he announced, failing to see the merits of “some sort of an asset that has no real asset value behind it.”

The Wall Street veteran’s perspective is typical of the highly critical approach a diminishing number of traditional finance figures continue to hold on Bitcoin.

While some of the most famous naysayers have either U-turned or quietened down on the topic, some, including central bank chiefs and even entire governments, maintain that it will evaporate.

For its part, while previously adopting a neutral stance on Bitcoin, CNBC recently turned the tables dramatically, publishing practically all warnings about investing in it while championing the alleged benefits of an altcoin, Bitcoin Cash.

The network’s Fast Money segment has been especially vocal, its Twitter account causing a stir when it published pro-Bitcoin Cash material some considered was verging on aggressive in nature.

    #bitcoin closing out 2017 on a .... pic.twitter.com/iSXHLWU0mX
    — CNBC's Fast Money (@CNBCFastMoney) December 30, 2017

Source: https://cointelegraph.com/news/bitcoin-headed-below-5k-is-one-of-silliest-things-dennis-gartman-to-cnbc

Well that is Dennis Gartman's opinion on Bitcoin but when yiu look at it he is really stating how dangerous it is to put your moneybon Bitcoin that he himself won't risk his money on either being long or short on it. And what is up with the news with these kinds of news that every now and then will post a negative opinion on Bitcoin knowing that they are known personalities will be a huge hit on Bitcoin' price. That is why bad news somehow start as a catalyst of bringing the price of Bitcoin down.

I cringed so hard when I saw that tweet of CNBC's fast money. So narrow minded and ignorant. You've got to believe that Twitter account is under control of kids. And about that Gartman guy. Who really cares? That's yet another one for the bitcoin-is-going-to-die archive (our main source of entertainment in the next 5-10 years).

It's standard mainstream media talk, which we have been seeing for quite some months now. It makes me really wonder whether they really till this day don't understand Bitcoin, or that they just act like that. I seriously can't figure out what the deal is here, because even a noob can get to understand the very basics of Bitcoin and its market after a short while. I get it that they want to ride the hype and for that reason want to cover Bitcoin as much as possible, but at least make sure you put people in frame that know what they are talking about, instead of a few clowns that just fail to gain any sort of respect and credibility.

CNBC Fast Money is a complete joke. If you have a host who refers to Monero as being the one used by criminals, you obviously can't expect from that news channel to contribute to a worthy and unbiased discussion. It's basically the same as saying Mixers are only meant for criminals, where they completely disregard how many (non criminal) people look for an extra layer of anonymity. I am however glad that these idiotic hosts are being hammered down in the comment section of basically every Youtube video. It's pathetic how their general tone towards crypto currencies is so negative, and that just because of their own ignorance. It shows how used they are to this system, and directly that everything not fitting in that category is just a scam or temporary hype.