The bitcoin price has not bottomed yet, but it’s close — and the sooner it tanks, the better. That’s the assertion of Alex Sunnarborg, a founding partner of New York crypto hedge fund Tetras Capital. “Calling [the bitcoin bottom] is very difficult,” Sunnarborg told Forbes. “That’s part of the reason I’m really thankful that we’re in the position we are right now. “We can hedge ourselves, remain more neutral, and not have to call that exact price or timing bottom. I’m not confident right now. Our portfolio is relatively neutral. We have cash and short positions.”
Sunnarborg — who admits he’s an avowed bitcoin fan — wishes the crypto market would crash and hit rock-bottom already. Why? Because then it could start rehabilitating itself. In addition, he’d love for the Securities and Exchange Commission to crush the bad actors in the space in order to clean it up. In fact, Sunnarborg wishes there were a Crypto Apocalypse right now where everything that could possibly go wrong would — all at once — so the industry could start afresh. “What would be really good for a market bottom to happen would be for every potential bad thing to happen immediately. I would love to see the SEC come down on people really hard.
“One of the biggest problems in this space is there are so many bad actors, and so many were related to ICOs. The SEC just has such a massive task ahead of them.” “One way to think about the bottom is that it happens when all the bad news gets washed out. At that point the only thing to do is go up, and you can’t really talk about any negative catalysts anymore, because they’ve all happened.”