Editor and Publisher of The Gartman Letter, Dennis Gartman has been tricked into investing in a questionable blockchain company and all that he has left now is negative balance for the year. On a previous report, Gartman has been found declaring Bitcoin, ‘a scam of first order’. Seems like the belief in a more trusted blockchain would have caused less damage.
The upheaval and downfall of Crypto Investments is a natural occurrence but what seems rather strang is Dennis Gartman’s decision to invest in Riot Blockchain, a company which designs to use Bitcoin’s ledger technology. He has been found admitting on many occasions that he doesn’t believe in Bitcoin and that it is fraudulent deal.
Since the 1970s, Mr Gartman has flourished his Company and established himself as an influential name. He began the production of ‘The Gartman Letter’ in 1987, which reaches out to a number of global banks, mutual funds, hedge funds and brokerages.
On Tuesday,he delivered the news of the downfall and made the public statement:
“Friday was one of the worst days we have suffered through in a very long while. We were long of a sizeable position in a blockchain focused company that was the victim of a CNBC expose, which sent the shares down more than 20 percent and which sent us ‘down’ for the year to date, having been up about 6 percent previously”
During last year, October, Bioptix changed it’s name to Riot Blockchain. The share had gone as high as $38.60 by December but gradually fell down at $5 in the next couple of months. Since then the company has been seeing the darker side of economy and is now trading for under $11. SEC chairman Jay Clayton said, that it’s not okay to change one’s company’s name into blockchain when there’s no clue regarding blockchain business and it is definitely wrong in trying to sell securities with the help of the hype of blockchain.
To commit to an investment with almost no prior information and knowledge is something that people do not expect of businessmen like Mr Gartman. With almost dying hope, Denis Gartman delivered his message, to learn from one’s own failed attempts. With all the pessimistic disbelief that he showered upon Bitcoin, Mr Gartman sure feels the regret to not have invested in a more trusted blockchain.