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October 2, 2022
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– Bitcoin, cryptocurrencies and blockchain technology.

Dennis Gartman is still not convinced that Bitcoin will not drop to zero. Not only that, he believes that the limited supply of cryptocurrencies doesn’t really matter.

I don’t understand Bitcoin

Bitcoin (BTC) has had a breakthrough year. Many large institutional investors have invested in cryptocurrency in recent months. However, some market experts, such as Dennis Gartman, remain skeptical about digital gold.

Gartman spoke to a Bloomberg journalist about gold and Bitcoin. In his opinion, the two assets should not be compared.

Gold has been around for thousands of years, Bitcoin has been around for 20 years – He said.

Of course, he made a mistake right away. Bitcoin has not been around for 20 years. Satoshi Nakamoto, the creator of the cryptocurrency, published the first BTC document in 2008, and the currency was officially issued online in 2009.

Bitcoin is millennial gold. I understand, I understand Added Gartman. – But I will never understand Bitcoin, as long as I can buy it for $ 10,000, 15,000, $ 20,000 – I leave it to people who are smarter, smarter and bolder than me He added, suggesting it is ridiculous that cryptocurrency is so expensive today.

As many previously predicted, Gartman also believes that Bitcoin’s price will eventually drop. He suggested that “Sometime, in the not too distant future, monetary authorities, various central banks around the world” will hit cryptocurrencies. In effect “Bitcoin will drop to zero.”

But can it go up to $ 100,000 sooner? John Maynard Keynes once said that the market can remain illogical longer than you or I can stay solvent, and now that’s all [na rynku BTC] it seems totally illogical to me – added.

Limited supply does not change anything

However, Gartman showed no resentment towards Bitcoin market participants, he simply explained that he prefers gold over digital coin. He also mentioned the limited supply of Bitcoin and the arguments in favor of the expected increase in the price of the digital currency, which is to be the result of the fact that BTC units cannot be printed.

– Now there are 7,000 different cryptocurrencies – he added, suggesting that the limited supply of BTC does not change anything in terms of the cryptocurrency foundations.

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