Cryptocurrencies
The Trader Who Nailed the Bitcoin Top Just Covered His Short
- Giving up on squeezing ‘more out of the lemon,’ Dow said
- Former economist had bet against token at height of frenzy
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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.”