Former Blackrock CEO and investment advisor, Edward Dowd, stressed that despite the recent turmoil in the cryptocurrency market, Bitcoin is not going anywhere and has the qualities to make it part of everyone's portfolio. He is sure that the most expensive cryptocurrency will surpass gold due to its unique features.
In an interview on Layah Heilpern’s podcast, Dowd recalled his take on Bitcoin. He believes that once Bitcoin matures, it will likely outperform gold thanks to unique features such as the ability to transact digitally, according to Finbold. While gold remains a viable investment, Bitcoin is more likely to become a store of value. He stated that Bitcoin’s growth journey, characterized by rises and falls, is helping the flagship cryptocurrency’s ability to stay longer.
“Bitcoin is here to stay. It is going to be a part of everyone's portfolio. At least with Bitcoin, you can exchange it digitally, and gold is a much tougher sale for me. I'm not against gold, and having some gold is not a bad idea.”
Given the maturity of the cryptocurrency sector, Bitcoin is likely to stand out from the rest of the market, Dowd said. He believes that the cryptocurrency market can be compared to the dot com era, when most companies collapsed, while the stronger ones survived.
“I can liken crypto to the dot com era where 90% of those companies went to zero. 10% of them became Amazon. It's the job of the crypto folks to figure out what is the crypto Amazon. I think Bitcoin is obviously in the running. For some of these other coins, good luck!”
Dowd also argued that Bitcoin's rise will be driven by key characteristics of the asset that make it better than central banks. In this case, he referred to elements such as transparency, freedom, and technology.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.