Former International Monetary Fund economist Mark Dow has renewed his harsh criticism of Bitcoin following the recent market selloff, declaring that the aggressive promotion of the cryptocurrency by influencers like Grant Cardone marked the top. In a social media post, Dow stated, “This indeed was the top. No grifter left behind. Remember the ppl who made their bank trying to shill it to you.”
Dow gained prominence after successfully shorting Bitcoin near its 2017 peak. He now argues that the heavy marketing blitz by financial influencers is a sign of speculative excess rather than genuine adoption. He specifically pointed to Cardone’s “10X” brand and apartment fundraising campaigns, claiming such endorsements often surface at overheated market junctures.
Earlier this year, Dow said he is rooting for the complete destruction of the crypto industry to punish those who used deceptive marketing. “I want bitcoin to go to zero,” he declared, insisting that “moronic fearmongering of monetary policy and promises of generational wealth” prop up an asset he believes has no intrinsic value. His bearish stance dates back years; in November 2019, he confidently predicted Bitcoin’s “grinding death.”
Critics, however, resurfaced old posts to show that Dow has been forecasting Bitcoin’s final demise repeatedly without success, even as it recovered from multiple downturns and surged to new all-time highs. Meanwhile, institutional momentum continues to build. U.S. spot Bitcoin ETFs recorded billions in inflows over 2024 and 2025, and major asset managers have increased exposure to digital assets. Analysts note that corrections of 10–20% are historically common during bull cycles, underscoring Bitcoin’s persistent volatility even as adoption widens among corporations, financial firms, and retail investors.
