There are a number of people who have praised and cheered on the rise in Bitcoin. However, not everyone is on board with the idea of putting their money into that. One of the voices that has been against Bitcoin for some time now is Dennis Gartman. There has been nothing that has been able to convince him that Bitcoin is the right choice for your money.
Hartman says that he believes that Bitcoin is a very silly idea, and that he believes that the value of the cryptocurrency will fall all the way down to around $5,000 or less per Bitcoin. That is down significantly from where it has been trading in recent days. He says that the massive spike up in value of Bitcoin has made it resemble something like the tulip bulb crisis in Holland from hundreds of years ago.
It is the belief of Gartman that Bitcoin will reek havoc on those who have invested in it, but he also thinks that when the bubble does burst it will cause people to rush into gold says CNBC. Gold has always been considered a safety trade. Therefore, it is something that people may seek out if and when Bitcoin takes a hit.
This is important because it might be a good idea to go ahead and get invested in gold before everyone else has the same idea. There is a chance that it could be a big money making move for those who get in to gold early enough.
The value of the cryptocurrency has fallen by six percent in a single week. This is in part due to the government of South Korea cracking down on the currency in general. That is perhaps just the first sign of things to come with this currency.
There is no way to know for certain how cryptocurrencies or any particular investment will actually pan out ahead of time. However, there are plenty of warning signs when it comes to Bitcoin. Perhaps it is best to steer clear of it for the time being.