Bitcoin Break Out
December 19th, 2018Anyone watching it?
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Via: Bloomberg:
Just as the euphoria surrounding Bitcoin was peaking last December, Mark Dow decided to short the leading digital currency. Almost a year to the day, and after a more than 80 percent decline from its record high price, Dow has closed out the trade.
“I’m done. I don’t want to try to ride this thing to zero,” Dow said in a phone interview Tuesday. “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, a former International Monetary Fund economist who manages a family office in Southern California, bet that Bitcoin would decline in value right after Bitcoin futures began trading, pushing the price to a high of $19,511 exactly one year ago. Dow, who announced Tuesday on Twitter that he’s “saying goodbye” to the short, took profits twice already this year, he said.
