Thursday, October 11, 2018

Bitcoin has a volatility problem

Cryptocurrencies such as Bitcoin are not a smart bet says Dennis Gartman on the recent Financial Advisors Magazine article.

"The problem I have with Bitcoin is that if I go out and buy a car this afternoon with Bitcoin, will the car dealer, given an x number of Bitcoin, object to selling me the auto if Bitcoin falls by 5 percent?. I wish Bitcoin investors well, but it’s a punter’s paradise, it moves 5, 10, 15 percent in the course of a day, and until that stabilizes, you’ll have a hard time selling me on it."