Ex-IMF Economist on Bitcoin (BTC) Crash: 'No Grifter Left Behind'
Analysis
Price Impact
LowThe article discusses a prediction from a former imf economist who has previously predicted bitcoin's downfall. while his past shorting success adds some credibility, his repeated bearish calls without sustained success diminish the current impact. the sentiment is contrarian to the general market optimism.
Trustworthiness
MedPrice Direction
NeutralThe article presents a bearish outlook from mark dow, but it also notes that the community is 'mocking the macro trader for trying to call the absolute end of the asset yet again,' suggesting a counter-narrative and potential resilience in bitcoin's price.
Time Effect
LongThe analysis from mark dow, including his past predictions and current sentiment, suggests a longer-term bearish conviction. the article also references historical predictions from 2019, indicating a sustained view over time.
Original Article:
Article Content:
Cover image via U.Today Rooting for total annihilation Repeat obituaries Advertisement 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. HOT Stories Scam Alert: Gnosis X Account Compromised, Do Not Press Any Links Bitcoin Is 'Over,' Google's Ex-Tech Lead Says "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. Advertisement 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. You Might Also Like Wed, 08/21/2024 - 06:17 Legendary Trader Behind Big Bitcoin Short Has New Warning for Bulls By Alex Dovbnya Cardone is a "finfluencer" best known for his "10X" brand and for raising money from retail investors to purchase apartment complexes. Advertisement 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. #Bitcoin News