A trader who started shorting bitcoin at its top just closed his position

Mark Dow, a trader who runs a Southern California family office, has closed his short position on bitcoin almost a year after opening it at the height of the crypto's meteoric rise. "I’m done. I don’t want to try to ride this thing to zero,” Dow told Bloomberg News in an interview. “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.”

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Dow also said on Twitter that he doubts he will ever short bitcoin again and added that he has "absolutely zero interest in going long." The former International Monetary Fund economist made a bet bitcoin would decline following the launch of bitcoin futures in the U.S. And it has paid off. (Source: Bloomberg)

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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].