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Bitcoin is a market for criminals and millennials, Dennis Gartman says

Chloe Aiello
Bitcoin is a market for criminals and millennials, Dennis Gartman says

Commodities guru Dennis Gartman is not backing off his dramatically bearish stance on bitcoin."This is a market ... for criminals, this is a market for millennials," Gartman told CNBC's "Fast Money" on Monday. "This is a market for pure punters, but there is no value here whatsoever."Even the cryptocurrency's tendency to bounce back in a big way from steep declines is not swaying Gartman."How can you buy or sell a painting using bitcoin, when the change in volatility is 20-30-40 percent in the course of a week? It's nonsense," he said. "I shall not trade it."

Bitcoin fell about 20 percent over the weekend, but regained much of its losses. Historically, the cryptocurrency

has gained about 28 percent in the weeks following a drop

of 20 percent or more.

Monday marked yet another instance of Gartman trashing the cryptocurrency. In August, he told "Fast Money" that

he "didn't understand it to begin with, don't understand it now."Gartman added that he appreciatescryptocurrency'suse of blockchain technology, but hebelieves there are better uses for blockchain."There's no question blockchain has merit. It's going to change the manner in which we trade. It's going to change the manner in which we invest," Gartman said.

Commodities guru Dennis Gartman is not backing off his dramatically bearish stance on bitcoin.

"This is a market ... for criminals, this is a market for millennials," Gartman told CNBC's "Fast Money" on Monday. "This is a market for pure punters, but there is no value here whatsoever."

Even the cryptocurrency's tendency to bounce back in a big way from steep declines is not swaying Gartman.

"How can you buy or sell a painting using bitcoin, when the change in volatility is 20-30-40 percent in the course of a week? It's nonsense," he said. "I shall not trade it."

Bitcoin fell about 20 percent over the weekend, but regained much of its losses. Historically, the cryptocurrency

has gained about 28 percent in the weeks following a drop

of 20 percent or more.

Monday marked yet another instance of Gartman trashing the cryptocurrency. In August, he told "Fast Money" that

he "didn't understand it to begin with, don't understand it now."

Gartman added that he appreciates

cryptocurrency's

use of blockchain technology, but he

believes there are better uses for blockchain.

"There's no question blockchain has merit. It's going to change the manner in which we trade. It's going to change the manner in which we invest," Gartman said.



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