Cryptocurrency prices moved lower Wednesday, with most of the major digital assets falling by more than 5%. However, news from the crypto world circled around two prominent members of the finance community.
One who took a beating on a blockchain-related investment and the other a leading central bank governor who chipped in with his take on bitcoin.
Gartman cleaned out
Longtime commodities analyst Dennis Gartman who produces the daily “Gartman Letter” revealed Wednesday he had taken a significant loss on his investment in embattled Colorado-based Riot Blockchain Inc.
After a CNBC report on the biotech-turned-blockchain company, shares tanked, falling more than 30% and denting the portfolio of the king of commodities.
“Friday was one of the worst days we have suffered through in a very long while,” Gartman said in his letter Tuesday. “We were long of a sizable position in a blockchain focused company that was the victim of a CNBC expose.”
Mark Carney on bitcoin
Bank of England Gov. Mark Carney was the latest official to denounce bitcoin
saying it doesn’t represent a store of value because no one is using it as a medium of exchange.
“It has pretty much failed thus far on…the traditional aspects of money,” Carney said, via Reuters.
Read: Bitcoin ‘has pretty much failed’ as traditional money, says Bank of England’s Mark Carney
Carney’s comments follows Elliott Management founder Paul Singer’s remarks. He called bitcoin “one of the most brilliant scams in history.”