In a recent tweet, former IMF economist Mark Dow riled up crypto Twitter by saying that Bitcoin, the top cryptocurrency by market capitalization, is dying.
#Bitcoin is dying.— Dow (@mark_dow) November 21, 2019
Meet the luckiest Bitcoin bear
Dow rose to prominence after shorting Bitcoin at nearly $20,000 back in December 2017 when crypto mania reached its peak.
He stated that hordes of people that rushed to buy BTC didn't understand the technology and were simply driven by the price narrative.
To top that off, he closed his short position one year later when the BTC price bottomed at $3,100.
In a Bloomberg interview, he said that that he didn't want to ride it to zero.
However, some Bitcoiners were quick to clap back, claiming that Dow would be able to generate much greater returns if he was a Bitcoin bull.
It's so 2016
Dow's tweet comes right after Bitcoin failed to hold $8,000 support, which is considered to be a major win for the bears.
That said, tweeting that Bitcoin is going to die just because it failed to rally to $10,000 could be a bit premature.
The crypto king forced Dow to eat his words when it printed the $14,000 price tag at the end of July.
According to cryptocurrency trader 'Don Alt,' the top cryptocurrency is currently in the stage of consolidation.
People talking about $3000 right now are being more unreasonable than people talking about new highs.— DonAlt (@CryptoDonAlt) November 21, 2019
A run from $200 -> $20k is going to take some time to digest.
$3k was an overreaction to the downside.
$14k was an overreaction to the upside.
We're now finding middle ground.
Whether Bitcoin bottoms here or experiences a deeper correction, it's clear that scary tweets about its death should be left in 2016.