The famous Wall Street investor and economist Dennis Gartman minimized the record rise of Bitcoin (CRYPTO:BTC) on Friday, preferring gold due to its long history as a store of value.
What happened
During an interview with Bloomberg, Gartman said he was surprised by the leading Cryptocurrency‘s rise above $100,000.
“It reminds me too much of the tulip bulb craze of Holland in the 16th century and the high-tech craze of the late ’90s and early ’20s,” said the chairman of the University of Akron’s Investment Committee.
“I will let others buy it; I will avoid her.”
He also rejected the narrative of Bitcoin as “digital gold,” arguing that gold has existed for centuries.
“It has been valued at a price for months. Gold has been valued as an asset for centuries. I’ll bet on centuries over months almost any time,” Gartman said.
Despite the pessimism, the veteran investor said he won’t be selling Bitcoin anytime soon. “I will let people who are wiser or scarier than me buy it.”
Why is it important
Bitcoin is in the midst of a bullish rally, having recently surpassed $106,000 for the first time.
The world’s largest digital asset by market cap is up more than 70% since donald trump emerged victorious in the US elections in November, as investors bank on pro-cryptocurrency measures during his presidency.
Bitcoin is up 150% so far this year, putting gains in other asset classes, including gold, in the background. While the yellow metal also hit its all-time high in 2024, it has secured gains of only around 29% so far this year.
Gartman’s stance is similar to that of another well-known Bitcoin critic, Peter Schiff, who routinely discounts BTC performance and promotes gold as a better investment option.
Bitcoin price movement
At the time of writing, Bitcoin was trading at $104,373.32, up 2.77% over the past 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
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