The way it looks, the volitility of bitcoin makes it very unstable and a big risk to invest in.
Despite the progress it has made worldwide, and success of other cryptocurrency especially Ripple and XEM towards integration in financial institutions. Critics! Just wont take their foot of the gas on their stance against crypocurrencies, bitcoin in particular. They believe that the bubble is sure to burst soon. One of this top critics is CNBC!
Recently, CNBC has a interview with a wall street trader (Dennis Gartman)to get his thoughts on bitcoin and this is what he had to say
“I'm very bearish on Bitcoin, I think it's one of the silliest ideas I've heard in a long time.”
He further down played bitcoin by saying its
“some sort of an asset that has no real asset value behind it.”
Buttresring it by saying
“I won't trade it. I won't be long of it. I won't be short of it.”
Dennis Gartmans reason for this isnt far from the high volitility of the bitcoin, having seen peak prices and eventually settled at $14k+. He belives that regardless of the current high price of the coin, it would drop and eventually try as low as $4000 downwards.
May I state here that the advantages the cryptocurrency presents are pretty endless and the market and possibility havent even begun to be tapped. Decentralized digital currrencies have brought about a revolution in asset and financial institutions as many institution sucumb to the overwhelming acceptance of cryptos like bitcoin, steem, SBD, ripple etc.
Such institutions who picked the way of cryptocurrencies include United Arab Emirates (UAE)-(RAKBANK), U.K.-base firm IFX and Mexican institution know as Cuallix who have all taking positive steps toward Ripple
Despite this, Gartman is still of the opinion that bitcoin and other crypto would eventually fail and isnt safe, that is why various country Governments have taken tough stances against trading cryptocurrencies i.e China Russia, south korea
Do you think bitcoin is on its way out?
Do you think the cryptocurrency world would crash?
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