The limited supply of Bitcoin really doesn’t matter to Dennis Gartman, a market commentator

Dennis Gartman is still not convinced that Bitcoin will not fall to zero.

Bitcoin (BTC) has won over several financial gurus in 2020 in the context of a difficult year for the U.S. economy. However, some market experts, such as Dennis Gartman, remain skeptical about the digital asset.

Managing Director of TradingView explains the basis for Bitcoin’s continued optimism

Gold and Crypto Code are not really equivalent, according to Gartman’s interview on Tuesday with Bloomberg. „Gold has been around for thousands of years, Bitcoin has been around for 20 years,“ he said. Gartman published a series of financial commentaries over 30 years, called The Gartman Letter.

But Bitcoin hasn’t existed for 20 years. The asset’s pseudonymous creator, Satoshi Nakamoto, published the written framework for Bitcoin in 2008, and the asset was officially launched on the web in 2009.

JPMorgan: Bitcoin is ‚overbought‘ and poses an unfavorable scenario for the price of gold

„Bitcoin is the gold of the Millenials, I understand that, I understand that,“ said Gartman. „I’ll never understand Bitcoin in terms of being able to buy it at $10,000, $15,000, $20,000; I’ll leave it to the people who are wiser, smarter or braver than me.

As many have projected before him, Gartman believes that the price of Bitcoin will eventually fall. „I fear that once, in the not too distant future, the monetary authorities, the various central banks around the world, will refuse to give up their monopoly on monetary policy and intervene one day and Bitcoin will be at zero,“ he said, adding:

„But can it get to $100,000 before that? John Maynard Keynes once said that the market can remain illogical for longer than you or I can remain solvent, and right now it seems totally illogical to me.

Can gold and Bitcoin coexist? Goldman Sachs answers yes

However, Gartman showed no resentment against Bitcoin market participants, simply explaining that he prefers gold to digital currency. He also mentioned the limited supply of Bitcoin and the arguments for the expected increase in the asset price as a result. „Now there are what, 7,000 different crypto-currencies out there,“ he added, postulating:

„There’s an infinite amount of finite quantities of coins, so I think the fun, the joy, the enthusiasm for Bitcoin and cryptomontages will eventually die.

Bitcoin hits the front page of The Wall Street Journal

On the opposite side of Gartman’s sentiment, 2020 has seen a growing trend of traditional financial players allocating capital to Bitcoin.

Bitcoin drops below $ 18K – but analyst thinks massive breakout is possible soon

Bitcoin is currently in a consolidation process and is struggling to control its near-term outlook.

The medium-term performance of the cryptocurrency is likely to depend on whether the bulls can push it back above $ 19,000, as that was a crucial level for BTC.

A sustained trading boom down here could open the gates to serious losses, but many factors work hard in favor of cryptocurrency

One trader believes that BTC’s consolidation channel is about to lose its place, which could mean that a massive upward push is imminent.

For this to take effect, the cryptocurrency has to keep making higher lows.

Bitcoin has gotten caught up in intense sideways trading in the past few weeks.

This is because the resistance in the upper $ 19,000 region is still quite high, while buying pressure remains strong in the mid-US $ 18,000 region.

Bitcoin’s consolidation phase has narrowed a lot recently, which could be a sign that a massive move is imminent in the near future.

One trader believes that a massive move is imminent in the near future as the cryptocurrency channel is rapidly narrowing.

Bitcoin is struggling to stay above $ 19,000 with increasing selling pressure

Bitcoin is currently trading at $ 18,000. Overnight, the cryptocurrency quickly fell before it could find any support.

The fact that there is support here is positive and could mean an upturn is imminent in the near future.

The resistance at USD 19,000 is quite strong, however, and converting that level into support has proven to be a difficult task.

Bitcoin’s consolidation channel gets „out of hand“

A trader stated in a tweet that Bitcoin’s consolidation channel is running out of space – which could mean massive volatility is imminent.

He states that BTC will stay in this channel as long as he continues to see lower highs and higher lows. However, this trend can only continue for a certain period of time.

„BTC will continue to refine this area of ​​consolidation … lower highs, higher lows, at some point we will run out of space.“

Bitcoin ‚Too Volatile‘ para ser uma loja de valor: Steve Forbes

O magnata da revista diz que o ouro é um investimento melhor.

Steve Forbes disse que o Bitcoin não é um bom depósito de valor a longo prazo.
Ele recomenda ouro em seu lugar.

De acordo com a Forbes, o limite de fornecimento e a volatilidade da BTC limitam sua utilidade.
De acordo com Steve Forbes, o preço da Bitcoin na verdade se beneficiou da política monetária da FUD.

„O maior impulsionador do boom do Bitcoin é o medo de que o Federal Reserve e outros bancos centrais estejam imprimindo muito dinheiro“, disse Forbes hoje em seu programa no YouTube „What’s Ahead“.

Mas enquanto outros investidores olharam para Bitcoin como uma reserva de valor, o candidato presidencial republicano, que já foi duas vezes candidato à presidência, disse que, em vez disso, ele está atrelando sua carroça ao ouro.

Embora ele não seja um economista treinado, a Forbes cresceu com dinheiro. Seu pai, o empresário Malcolm Forbes, estabeleceu a revista Forbes epônimo que a mais jovem Forbes agora dirige. Steve não acha que Bitcoin seja o investimento certo para manter a fortuna da família.

„Bife num dia, comida para cão no outro, filete no dia seguinte“, disse ele sobre o preço sempre mutável do Bitcoin.

„O bitcoin permanece muito volátil para ser uma reserva de valor a longo prazo, como o ouro tem feito tradicionalmente“, disse ele aos ouvintes. Além disso, ele disse: „O limite arbitrário de fornecimento de Bitcoin dificultará severamente sua utilidade futura“.

Além disso, ele sugeriu que estas qualidades eram de alguma forma diferentes com o ouro. „Quando você vê o preço do dólar do ouro flutuar, o que você está vendo é realmente o valor do próprio dólar mudando“.

Essa é uma maneira de encarar isso.

Ele também disse que o fornecimento de ouro aumenta cerca de 2% a cada ano em média – graças à produção da mineração – tornando-o „raro, mas não muito raro“. Embora ele não tenha mencionado que o fornecimento de ouro na terra não é, de fato, infinito e eventualmente atingirá seu limite, assim como o fornecimento de Bitcoin o fará.

Concluiu Forbes: „À medida que o Bitcoin evolui, ele pode muito bem se tornar o novo ouro, mas esse dia ainda não chegou“.

Pode-se dizer que esse dia será… dourado para a Bitcoin.