Despite the latest bitcoin (BTC) rally that saw the cryptocurrency set a new all-time high (ATH) of $24,297, Dennis Gartman, founder of The Gartman Letter, believes the hype around BTC will soon die-off.
“I think that the enthusiasm over bitcoin and cryptocurrency will go away eventually,” Gartman said in a Bloomberg interview today.
Gartman, a known BTC skeptic, said that he is not enticed by the asset’s current bull run, adding that he would instead stick with the popular yellow metal – gold than venture into the crypto market.
According to Gartman, although BTC is regarded as digital gold, he still won’t invest in the asset.
The popular gold investor added that he is certain financial authorities will not give up their monopoly on monetary policy, thus leading to the imminent death of Bitcoin, where the asset’s value will drop to “zero.”
Gartman says he is unsure whether BTC will reach “$100,000” before it becomes valueless.
Bitcoin Performance Attracts Traditional Investors
BTC’s outstanding performance over its more than 20 years of existence has drawn comparisons between the cryptocurrency and other traditional financial assets, especially gold.
The asset succeeded in overcoming the coronavirus’s impact (COVID-19) pandemic that wreaked havoc on all traditional financial instruments during the early stages of the year and increased by more than 175% since.
BTC’s notable performance this year, including being a hedge against inflation, has attracted lots of praises from the industry, with several enthusiasts calling the asset ‘digital gold.’
Interestingly, traditional financial players who once stood against bitcoin during its early stages have started to change their views about the largest cryptocurrency by market cap.
Last month, Coinfomania reported that famous hedge fund manager Jeffery Gundlach who once called bitcoin a lie urged his followers to invest in the cryptocurrency.
