Despite Bitcoin’s record-breaking bull run, Wall Street veteran Dennis Gartman chooses gold over Bitcoin: ‘I prefer a bet of centuries to a bet of the month’

Famous Wall Street investor and economist Dennis Gartman dilute Bitcoin’s Bitcoin/USD Friday’s record gains instead favor gold because of its long history as a store of value.

what happened: In an interview with Bloomberg, Gartman said he was surprised that the leading cryptocurrency climbed above $100,000.

“It reminds me of the Dutch tulip bulb craze of the 16th century and the high-tech craze of the late 1990s and early 20th century,” said the chairman of the University of Akron’s investment committee.

“I would leave it to others to buy; I would avoid it.”

Gartman also refuted the idea of ​​Bitcoin as “digital gold”, arguing that gold has existed for centuries.

“it [Bitcoin] There are a few months to get a valuation done at a certain price. Gold has been considered an asset for centuries. I would take a centuries bet over a monthly bet almost any time,” Gartman said.

Despite the pessimism, the veteran investor said he would not short Bitcoin. “I’ll leave that to people smarter or scarier than me.”

Also Read: Massive Cryptocurrency Exchange Witnesses Unusual $100M Bitcoin Activity

Why it’s important: Bitcoin is in the midst of a bull run and recently topped $106,000 for the first time.

The world’s largest digital asset by market capitalization has risen more than 70% since its listing Donald Trump He secured victory in the November election as investors moved to support cryptocurrencies during his presidency.

Bitcoin has soared 150% so far this year, dwarfing returns from other asset classes including gold. Although gold has also reached an all-time high in 2024, its year-to-date gain is only about 29%.

Gartman’s stance is similar to that of another prominent Bitcoin critic Peter Schiff, They often underestimate the performance of Bitcoin and view gold as a better investment option.

price action: As of this writing, Bitcoin is trading at $104,373.32, up 2.77% in the past 24 hours, according to Benzinga Pro.

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