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.
  • Even the cryptocurrency’s tendency to bounce back in a big way from steep declines is not swaying Gartman.
  • Monday marked yet another instance of Gartman trashing the cryptocurrency.
  • Gartman added that he appreciates cryptocurrency’s use of blockchain technology, but he believes there are better uses for blockchain.

Bitcoin bear Dennis Gartman still will not buy bitcoin, despite predictions that the cryptocurrency will rebound.
Continue reading “Bitcoin is a market for criminals and millennials, Dennis Gartman says”

After periodic drops of 20 percent, bitcoin tends to come back even stronger

After periodic drops of 20%, bitcoin tends to come back even stronger  #AppleNews #TechNews

  • The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, according to digital currency trading firm Genesis Global Trading.
  • Bitcoin performance in the weeks after a drop of more than 20% – – The digital currency plunged to a low of $5,507 this weekend amid uncertainty over bitcoin’s future.
  • Developers have disagreed over the best way to improve bitcoin’s transaction speeds and costs, resulting in splits in the digital currency.
  • Bitcoin also more than recovered from a $2,000 drop in September after a Chinese crackdown on digital currencies.
  • Digital currency enthusiasts attribute the gains to growing interest from institutional investors, especially as the planned launch of bitcoin futures later this year may allow other products such as a bitcoin exchange-traded fund to launch.

As dramatic as the downturn in bitcoin’s price was over the weekend, history indicates future returns will likely be greater.
Continue reading “After periodic drops of 20 percent, bitcoin tends to come back even stronger”

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.
  • Even the cryptocurrency’s tendency to bounce back in a big way from steep declines is not swaying Gartman.
  • Monday marked yet another instance of Gartman trashing the cryptocurrency.
  • Gartman added that he appreciates cryptocurrency’s use of blockchain technology, but he believes there are better uses for blockchain.

Bitcoin bear Dennis Gartman still will not buy bitcoin, despite predictions that the cryptocurrency will rebound.
Continue reading “Bitcoin is a market for criminals and millennials, Dennis Gartman says”

After periodic drops of 20 percent, bitcoin tends to come back even stronger

  • The last four times bitcoin has fallen more than 20 percent this year, it has gained an average 28 percent in the two weeks following, according to digital currency trading firm Genesis Global Trading.
  • Bitcoin performance in the weeks after a drop of more than 20% – – The digital currency plunged to a low of $5,507 this weekend amid uncertainty over bitcoin’s future.
  • Developers have disagreed over the best way to improve bitcoin’s transaction speeds and costs, resulting in splits in the digital currency.
  • Bitcoin also more than recovered from a $2,000 drop in September after a Chinese crackdown on digital currencies.
  • Digital currency enthusiasts attribute the gains to growing interest from institutional investors, especially as the planned launch of bitcoin futures later this year may allow other products such as a bitcoin exchange-traded fund to launch.

As dramatic as the downturn in bitcoin’s price was over the weekend, history indicates future returns will likely be greater.
Continue reading “After periodic drops of 20 percent, bitcoin tends to come back even stronger”

‘The sky is the limit’ for blockchain technology in banking: Credit Suisse banker

'The #sky is the limit' for #blockchain #technology in #banking @CNBC

  • Wall Street may not be crazy about bitcoin, but it is intrigued by its use of blockchain technology.
  • With blockchain technology, he said, that could take only a matter of minutes.
  • Disney likened bitcoin to email.
  • Bitcoin is the first “killer” blockchain technology app, just like email was the first “killer” internet app.
  • Credit Suisse has run experiments using blockchain technology in other parts of the business, he said.

Wall Street may not be crazy about bitcoin, but it is intrigued by its use of blockchain technology.
Continue reading “‘The sky is the limit’ for blockchain technology in banking: Credit Suisse banker”

‘The sky is the limit’ for blockchain technology in banking: Credit Suisse banker

  • Wall Street may not be crazy about bitcoin, but it is intrigued by its use of blockchain technology.
  • With blockchain technology, he said, that could take only a matter of minutes.
  • Disney likened bitcoin to email.
  • Bitcoin is the first “killer” blockchain technology app, just like email was the first “killer” internet app.
  • Credit Suisse has run experiments using blockchain technology in other parts of the business, he said.

Wall Street may not be crazy about bitcoin, but it is intrigued by its use of blockchain technology.
Continue reading “‘The sky is the limit’ for blockchain technology in banking: Credit Suisse banker”

John McAfee challenges Jamie Dimon’s bitcoin skepticism

  • “You called bitcoin a fraud,” McAfee told CNBC’s “Fast Money” on Wednesday.
  • Miners invest “massive” amounts of supercomputing power and electricity in creating bitcoins, McAfee said.
  • “And the fact that bitcoin is consistently growing in its use and its value has to say something,” McAfee said.
  • McAfee made a lewd bet on Twitter earlier this summer that bitcoin would reach $500,000 within three years.
  • Plus, the long-term trend of bitcoin has been consistently up, McAfee added.

Dimon called bitcoin a “fraud” that will eventually blow up. McAfee disagreed.
Continue reading “John McAfee challenges Jamie Dimon’s bitcoin skepticism”