[Digital Today reporter Yoonseo Lee] Mark Dow, a former International Monetary Fund (IMF) economist and macro trader, recently argued that U.S. businessman Grant Cardone’s promotion of bitcoin was a market-top signal after a sharp drop in the cryptocurrency.

U.Today, a blockchain media outlet, reported on Wednesday that Dow called the current downturn and said, "Last year was the top." He added, "There are no grifters left behind," and urged investors to remember those who made money pitching bitcoin to them.

Dow pointed to Grant Cardone, a financial influencer known for real estate investment and the "10X" brand. Dow has previously cited a scene in which Cardone promoted bitcoin in an advertisement late last year, saying, "When Grant Cardone starts selling bitcoin in ads, bitcoin is over." Cardone is also known for raising money from individual investors and using it to buy apartment complexes.

This is not the first time Dow has made such remarks. Earlier this year, he said the broader crypto industry boosted the wealth of some participants through deceptive marketing and that he hopes the industry collapses. At the time, he said, "I want bitcoin's value to go to 0," and criticised promotion that stoked excessive fear over monetary policy and promised generational wealth for propping up the leading cryptocurrency.

The market sees Dow's remarks as an extension of his long-held stance. Dow drew attention in financial circles in December 2017 when he disclosed a short position near a bitcoin peak. Bitcoin was close to an all-time high at the time, and he closed the position about a year later around a low near $3,200.

Still, many do not accept Dow's doomsday view at face value this time either. Some market participants have criticised him, saying he is again claiming an "absolute end" for bitcoin. In the community, past comments are being revisited that Dow has repeatedly forecast bitcoin's final collapse for years but it has not materialised.

Dow also said confidently in November 2019 that bitcoin would face a gradual death. As a result, his latest remarks are being viewed less as a reflection of the recent plunge itself and more as a representative example of hard-line scepticism that resurfaces whenever bitcoin enters a downturn.

Against that backdrop, the market is watching whether Dow's warning will lead to an actual trend reversal signal or end up as recurring pessimism during a sharp drop, as in the past. For now, separate from Dow's remarks, the standoff between bullish and doomsday views on bitcoin has only become clearer.

This indeed was the top. No grifter left behind. Remember the ppl who made their bank trying to shill it to you. #bitcoin https://t.co/aZkUvQjqfr