Hedge Fund Manager Who Called the Market Top Closes Out His Bitcoin Short
Mark Dow, a former International Monetary Fund economist who manages a family office in southern California, has finally closed a short position he opened against Bitcoin (BTC) at the height of the market last December, shortly after Bitcoin futures began trading.
In a recent tweet, Dow put it simply, “Today I say goodbye to the bitcoin short. Sad!”
— Dow (@mark_dow) December 18, 2018
“I’m done. I don’t want to try to ride this thing to zero. I don’t want to try to squeeze more out of the lemon. I don’t want to think about it. It seemed like the right time,” Dow added in an interview with Bloomberg on Tuesday.
While there is no indication that Dow has converted his position to a net long, he does reveal that he took profits twice already this year. And, based on the language he’s used when describing the crypto bubble and investors who participated in it, it doesn’t seem like he’s overly bullish going forward.
“They just saw it was going up and wanted a piece of it. People’s imaginations can run further when they’re not tethered to facts, when they don’t understand the issue,” he said. “It allowed the bubble to be much larger and much more violent. I saw the psychological hallmarks of it and there came a point where it looked like the fever was breaking.”
Bitcoin is currently up over 5.7% today to $ 3,730, giving the largest digital currency a $65 billion market cap and making it roughly 53.9% of the $120.6 billion crypto market.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.