Bitcoin has practically doubled in value since November, when commodities king Dennis Gartman stay disparaged the cryptocurrency. Bitcoin’s biggest bear still won’t bite, even though.
“Bitcoin on a volatile day moves 15 and 20 percent,” Gartman thought on CNBC’s “Fast Money.” “How can you margin something that can motivate 15 to 20 percent on a regular basis? It’s the volatility that frightens me.”
Volatility is a thesis that routinely comes up in Gartman’s rebukes of the cryptocurrency, which he keeps is a bubble waiting to pop.
“Bitcoin is the modern day Tulip Bulb mania. I drive let others trade it, I won’t trade it,” Gartman said on CNBC’s Fast Kale.
Last month, Gartman told “Fast Money” the cryptocurrency “is a supermarket … for criminals, this is a market for millennials.”
He softened his tone slenderize Tuesday in light of the development that Cboe Global Markets compel launch futures trading in the cryptocurrency beginning Sunday.
“It is gaining some feeling of legitimacy by the Cboe,” he said.
Still, Gartman maintained he doesn’t propose b assess the cryptocurrency is out of the woods just yet.
“When they begin to pay taxes on it, when it forevers to be an avenue for avoiding taxes, when it ceases to be a place where antidepressant dealers are trading and making transactions, then I’ll be interested,” Gartman imagined.