Dennis "The Commodities King" Gartman invested in a company which became the victim of some investigative journalism.
Talking on CNBC's Power Lunch last December, Dennis Gartman, editor and publisher of a daily market commentary newsletter, responded to the question of how much of the booming Bitcoin market he plans on buying next year with these words:
"I'm gonna buy none of it next year, I'm not selling any of it, I'm not buying any of it, I'm not trading any of it, it is nonsense. I'm a believer in the computer techonology behind it, Blockchain, but do I believe at all in Bitcoin? No, not even slightly."
He would have done well to stick to his guns, or at least do some better research on the subject. Turns out that the famous investor had included a questionable blockchain company into his own retirement portfolio, and the story hit the headlines after this company lost a significant part of its value following an investigative story published by CNBC.
Dennis "The Commodities King" Gartman is a commodity analyst who has been involved in the capital markets since 1974, and has published The Gartman Letter since 1987.
The company in question is called Riot Blockchain Inc., formerly Bioptix. It focuses on animal healthcare products and veterinary diagnosis technology. In September of last year it invested in a cryptocurrency exchange and purchased 2 million USD worth of cryptocurrency mining equipment for 11 million USD, and then rebranded itself.
As a result of the rebranding, its stock rose from 8 USD to 40 USD, according to the CNBC report. The report listed several questionable activites on the part of the company, to which CEO John O'Rourke responded: "To my knowledge, we were also the first Nasdaq listed company to have blockchain in its name and had no idea what the market reaction would be when the transition was made...It is not uncommon for businesses to pivot and change their business strategy. Amazon started off selling books." He listed the company's many achievements, and the fact that it had acquired 500 bitcoins in a US Marshals Service auction.
Unfair reporting or not, the story had an effect - the shares of the company tumbled by more than 20 percent, which had a significant effect on Gartman's portfolio.
Egg-faced, Gartman wrote in The Gartman Letter: “Lessons have to be learned again and again and again it seems. Or at least we apparently have to learn them over and over and over again.”
Talking on CNBC's Power Lunch last December, Dennis Gartman, editor and publisher of a daily market commentary newsletter, responded to the question of how much of the booming Bitcoin market he plans on buying next year with these words:
"I'm gonna buy none of it next year, I'm not selling any of it, I'm not buying any of it, I'm not trading any of it, it is nonsense. I'm a believer in the computer techonology behind it, Blockchain, but do I believe at all in Bitcoin? No, not even slightly."
He would have done well to stick to his guns, or at least do some better research on the subject. Turns out that the famous investor had included a questionable blockchain company into his own retirement portfolio, and the story hit the headlines after this company lost a significant part of its value following an investigative story published by CNBC.
Dennis "The Commodities King" Gartman is a commodity analyst who has been involved in the capital markets since 1974, and has published The Gartman Letter since 1987.
The company in question is called Riot Blockchain Inc., formerly Bioptix. It focuses on animal healthcare products and veterinary diagnosis technology. In September of last year it invested in a cryptocurrency exchange and purchased 2 million USD worth of cryptocurrency mining equipment for 11 million USD, and then rebranded itself.
As a result of the rebranding, its stock rose from 8 USD to 40 USD, according to the CNBC report. The report listed several questionable activites on the part of the company, to which CEO John O'Rourke responded: "To my knowledge, we were also the first Nasdaq listed company to have blockchain in its name and had no idea what the market reaction would be when the transition was made...It is not uncommon for businesses to pivot and change their business strategy. Amazon started off selling books." He listed the company's many achievements, and the fact that it had acquired 500 bitcoins in a US Marshals Service auction.
Unfair reporting or not, the story had an effect - the shares of the company tumbled by more than 20 percent, which had a significant effect on Gartman's portfolio.
Egg-faced, Gartman wrote in The Gartman Letter: “Lessons have to be learned again and again and again it seems. Or at least we apparently have to learn them over and over and over again.”
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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