Former Blackrock top executive Edward Dowd: “Bitcoin will eventually surpass gold”

Former Blackrock top executive Edward Dowd: “Bitcoin will eventually surpass gold”

A former top Blackrock executive and investment advisor believes that despite the recent turmoil in the cryptocurrency market, bitcoin will become an integral part of any investment portfolio.

In a recent podcast, Edward Dowd stated that over time, the first cryptocurrency is capable of surpassing gold due to its unique features: the ability to make digital transactions, transparency and decentralization. Bitcoin differs from gold and central bank digital currencies in these key characteristics. Dowd believes gold will remain a viable investment, but BTC has a better chance of becoming a savings vehicle.

“Despite its ups and downs, bitcoin is here to stay. It will be an integral part of every investor’s portfolio. At least BTC can be sold or exchanged digitally, whereas with gold it’s much more difficult. While I’m not against gold, having a small amount of it is not a bad idea either,” the investment advisor reasoned.

As the cryptocurrency industry matures, bitcoin will stand out from the rest of the market, the former top manager of Blackrock is confident. He compared the cryptocurrency market to the dot-com era, when the vast majority of Internet companies shut down and only stronger competitors managed to survive. Dowd cited the example of Amazon, which is still considered one of the biggest tech giants.

Last month, Bank of England Deputy Governor Jon Cunliffe also compared the current bearish trend in the cryptocurrency market to the dot-com crisis.

The mood among traders is now more optimistic, with bitcoin rising to $22,500 and the overall capitalization of the cryptocurrency market beginning to recover, returning to the $1 trillion mark. As former BitMEX chief Arthur Hayes said recently, bitcoin is expected to grow rapidly as the U.S. Federal Reserve (FRS) may print trillions of dollars again.

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