Speaking on CNBC’s ‘Squawk Box‘, investor and publisher of The Gartman Letter Mr. Dennis Gartman isn’t quite feeling so bullish on bitcoin.
Speaking about his preferred investments, Gartman wasn’t shy about denouncing bitcoin, saying he’s avoiding investing in the digital currency totally.
“I want to own the things that if I drop them on my foot will hurt,” he said, speaking about his investments in things like aluminum and coal. “So, very simple things that go into long-term economic–”
“Like bitcoin?” the program’s host asked.
“Not like bitcoin. I will avoid bitcoin like the plague,” he said.
Gartman mentions one of his best friends on the west coast (named Brad) who takes great interest in bitcoin and added that “the only reason I have any interest in it at all is because somebody as smart as Brad has interest in it.”
When asked if he owned some, Gartman said he didn’t, of course:
“Never […] I would never own it,” he said. “It is the harbor of thieves and drug dealers and I shall leave that to others.”
Back in January, Gartman told CNBC he thought bitcoin will ultimately go to zero.
Gartman’s controversial statements are already spreading like wild fire on social media, and no surprise, he’s taking no shortage of flak.
But it all goes back to this common misunderstanding of what bitcoin is. Somehow, most naysayers seem to bring it back to its potential for use in crime — completely disregarding its benefits.
It’s abundantly clear that businesses and enthusiasts in the bitcoin space need to continue working tremendously hard to earn the trust of everyday people. All it takes is a few bad players to sour the name.