Renowned Wall Street investor and economist Dennis Gartman downplayed Bitcoin's BTC/USD record-breaking run on Friday, instead preferring gold due to its long history as a store of value.
What happened: During an interview with Bloomberg, Gartman said he was surprised by the leading cryptocurrency's climb above $100,000.
“It reminds me too much of the tulip bulb craze of 16th-century Holland and the high-tech craze of the late 1990s and early 20th century," the Chairman of the Akron University Investment Committee stated.
"I will leave it to others to buy; I will avoid it."
Gartman also dismissed Bitcoin's narrative of “digital gold," arguing that gold has been around for centuries.
"It [Bitcoin] has months of being valued at some price. Gold has centuries of being valued as an asset. I will take the centuries bet over the monthly bet almost anytime," Gartman said.
Despite the pessimism, the veteran investor said he won't sell Bitcoin short. "I will leave it to people wiser or more dreadworthy than I am."
See Also: Massive Crypto Exchange Witnesses Unusual $100 Million Bitcoin Activity
Why It Matters: Bitcoin is in the middle of a bull run, having recently topped $106,000 for the first time.
The world's largest digital asset by market capitalization has gained over 70% since Donald Trump emerged victorious in the November elections as investors count on pro-cryptocurrency measures during his presidency.
Bitcoin has surged 150% year-to-date, dwarfing returns from other asset classes, including gold. While the yellow metal also hit its all-time high in 2024, it has secured year-to-date gains of just about 29%.
Gartman's positioning is similar to another well-known Bitcoin critic Peter Schiff, who routinely discounts BTC’s performance, promoting gold as a better investment option.
Price Action: At the time of writing, Bitcoin was exchanging hands at $104,373.32, up 2.77% in the last 24 hours, according to data from Benzinga Pro.
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