Dennis Gartman is editor and publisher of The Gartman Letter , a daily publication focused on global capital markets addressing political, economic, and technical trends. Its subscribers include leading banks, brokerage firms, hedge funds, and commodity trading firms around the world. You can learn more at www.thegartmanletter.com . For the full interview between Buck, Porter, and Dennis, click here to sign up for the Investor Hour notification list. Like American Consequences, it’s 100% free. Each week, you’ll receive new show updates, previews, and access to transcripts and show notes. Whether it’s about investing... business... politics... or a controversial social issue... you’ll get the unfiltered information from behind the scenes.
infinitely large because, as I just said, more than 1,000 other cryptocurrencies. The Chinese basically
Q: The other topic I've been dying to speak with you about for months is bitcoin. To give you my take on it, I think the computer programming behind
put the kibosh on bitcoin and other cryptocurrencies over the weekend
bitcoin is some of the most elegant
and beautiful programming
when they effectively banned the trading of cryptocurrencies in China. They were 20% of the world market. I'm afraid this is one of the great examples of a "tulip bulb mania" that swept over investors – especially the millennials who have been the great supporters of it – and I'm afraid that that's going to come a cropper.
I've ever seen. It's really an amazing breakthrough of math and of thinking about the role of money. On the other hand, I think the soaring value of bitcoin is just a proof positive of the nature of the speculative bubble that we're in right now across all the markets. What's your view?
DENNIS GARTMAN: I couldn't agree with you more on bitcoin, ethereum, and the almost 1,100 various other cryptocurrencies. Remember, when bitcoin came out we were told it was going to be a finite currency that was going to take over from the fiat currencies reported on and supplied by the central banks. That "finite nature" of bitcoin was supposed to be its driving impetus. We've found out since then it's now actually
On the other hand, what you said about the blockchain is absolutely correct. It is an elegant use of the computer system. It will replace the methods and the manners in which we trade almost anything and everything. If we've learned anything from bitcoin, it was that it's a tulip bulb mania supported by a truly ethereal, elegant computer technology that will serve us all well in the future. I couldn't agree with you more.
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