Mark Dow, a prominent macro trader and former International Monetary Fund (IMF) economist, has weighed in on the most recent Bitcoin crash.
Dow, famously known for successfully shorting the 2017 Bitcoin market top, claims that American businessman Grant Cardone shilling Bitcoin was the top. "This indeed was the top. No grifter left behind. Remember the ppl [sic; people] who made their bank trying to shill it to you."
Rooting for total annihilation
Earlier this year, Dow stated that he is rooting for the total destruction of the crypto industry to punish those who used deceptive marketing tactics to enrich themselves.
"I want bitcoin to go to zero," Dow declared. He argued that "moronic fearmongering of monetary policy and promises of generational wealth" were used to prop up the flagship cryptocurrency, which he believes has no intrinsic value.
Late last year, Dow stressed that mainstream marketing strategies had become oversaturated with promotional hype. "You know how you know Bitcoin is over? Grant Cardone is pitching it in his ads," Dow previously noted.
Cardone is a "finfluencer" best known for his "10X" brand and for raising money from retail investors to purchase apartment complexes.
Dow gained significant prominence within the financial sector after announcing his short position against BTC in December 2017. Back then, the asset was approaching its record high. One year later, Dow covered his short position near the absolute bottom of roughly $3,200.
Repeat obituaries
At the same time, some commentators are mocking the macro trader for trying to call the absolute end of the asset yet again.
Prominent community members have resurfaced historical posts to show that Dow has been predicting a final death spiral for years without success.
In November 2019, for instance, Dow confidently stated that Bitcoin would die a grinding death.
U.Today Editorial Team
Dan Burgin
