Many Bitcoin skeptics have been turned into bulls as the asset continues to press higher despite a harrowing macroeconomic backdrop and other risks.
There remain many critics of the leading cryptocurrency, though. One of these critics, hedge fund manager Mark Dow, doubled down on his skepticism in a recent tweet published after the rally past $12,000.
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Bitcoin Skeptics Not Convinced By Ongoing Rally, Macroeconomic Backdrop
Mark Dow has long been a skeptic of Bitcoin. And he’s been a rather good one.
At the end of 2017, when BTC was flirting with the pivotal $20,000 price level, Dow famously went short on the cryptocurrency. He proceeded to ride that position, where one can earn by an asset moving lower, to the 2018 lows.
Although the investor is not ostensibly short on the cryptocurrency anymore, he remains a harsh critic of Bitcoin.
On August 17th, he published the tweet seen below, calling Bitcoin a “dying asset” despite the ongoing rally. He previous;y branded the asset a “failing get rich quick scheme,” adding that those trying to promote it are undergoing a “masturbatory exercise.”
— Dow (@mark_dow) August 17, 2020
He isn’t the only skeptic to recently doubled down on his sentiment despite the Bitcoin rally.
Euro Pacific Capital chief executive Peter Schiff, one of the longest-standing critics of the leading cryptocurrency, made the following comment on August 15th:
“Buffett’s decision to buy Barrick Gold and not Bitcoin or GBTC is a further condemnation of Bitcoin. Buffett clearly doesn’t think Bitcoin represents a threat to gold or its dominance as a safe-haven asset. Buffett knows #gold is here to stay and #Bitcoin is just a passing fad.”
The gold proponent added that “By 2029 you’ll be lucky if the market cap of #Bitcoin still exceeds the market cap of a baseball cap.”
Wall Street Is Entering
Although there remain skeptics like Dow and Schiff, Wall Street is starting to trickle into the Bitcoin industry in many different ways.
George Ball, the ex-chief executive of Prudential, promoted Bitcoin in an interview with Reuters last week. When asked about which assets he thinks will do well in the ongoing macroeconomic environment, Ball mentioned BTC and cryptocurrency. He thinks that Bitcoin will prove itself as a store of value in this market cycle.
More broadly, a Fidelity Investments survey found that a majority of institutional investors find something interesting about cryptocurrency.
Photo by Max Kleinen on Unsplash Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Despite Surge Past $12k, a Fund Manager Thinks Bitcoin Is "Still a Dying Asset"