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Ultimately, bitcoin goes to zero: Dennis Gartman

Bitcoin is so volatile it could very well rise to $4,000, but the online simulated currency is more likely to collapse outright, the editor and publisher of The Gartman Letter said Thursday on CNBC.

"I think ultimately, bitcoin goes to zero because there are just going to be other people who can come out and create another sort of bitcoin," said Dennis Gartman on "Closing Bell." "What's to stop anybody from doing that?"

(Read more: Bitcoin's four steps to Wall Street acceptance)

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To Gartman, bitcoin is "one of the great fallacies" in the market today.

"I'll let other people wiser than I or younger than I trade it," Gartman said. "I can make no sense of bitcoin whatsoever."

That said, we want to hear from you—are you a buyer of bitcoin? Vote now in our poll, and comment below.

—By CNBC's Drew Sandholm. Follow him on Twitter @DrewSandholm.