These remarks are via Dennis Gartman from his daily markets letter (this from Tuesday, i.e last night)
(ps. chart below is from the letter also)
Regarding Bitcoin, it is starting the year defensively, having sold off late last week, having bounced a bit over the holiday trading and now weakening once again.
- We'll simply note that there has been support for Bitcoin at or near $12,000; any movement through there to the downside would put the market very much at risk.
Finally there is a swift... but very uncertain... rumor sweeping through the forex market that Moscow is considering adopting a "crypto-Ruble" as a means to bypass the sanctions against her currently in place.
- We cannot verify this rumor at this point but we draw attention to the rumor in light of our "Six Predictions" noted below in our "capital markets" commentary:
Here are Gartman's comments on Bitcoin in the '6 predictions' he refers to:
- And finally, the BitCoin bubble will burst while the block chain's importance grows materially and apace. Indeed, we shall not be at all surprised if one or more central banks were to create its own crypto currency and we'd not be at all surprised if it is the Bank of England as London fights to remain the center of the European capital markets in the aftermath of Brexit. As noted above, to this point we call attention to the rumor regarding a potential "crypto-ruble" discussed swiftly in our comments on p.2.
