April 1, 2023

Former Blackrock CEO Edward Dowd: “Bitcoin Will Surpass Gold Over Time”

Article reading time:
2 minutes.

Former Blackrock CEO Edward Dowd: “Bitcoin Will Surpass Gold Over Time”

Former Blackrock top manager, investment adviser believes that despite the recent turmoil in the cryptocurrency market, bitcoin will become an integral part of any investment portfolio.

In a recent podcast by Edward Dowdstated that over time, the first cryptocurrency is able to surpass gold due to its unique features: the ability to conduct transactions digitally, transparency and decentralization. In these key characteristics, bitcoin differs from gold and central bank digital currencies. Dowd believes gold will remain a viable investment, but BTC is more likely to become a store of value.

“Despite its ups and downs, bitcoinhere to stay. It will be an integral part of every investor's portfolio. At the very least, BTC can be sold or exchanged digitally, but with gold it is much more difficult. Although I am not against gold, having a small amount of it is also a good idea, ”says the investment adviser.

As the cryptocurrency industry matures, bitcoinwill stand out from the rest of the market, the ex-top manager of Blackrock is sure. He compared the cryptocurrency market to the era of the dot-com crisis, when the vast majority of Internet companies closed down, and only stronger competitors managed to survive. Dowd cited the example of Amazon, which is still considered one of the largest technology 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.

Now the mood of traders is becoming moreoptimistic - the bitcoin rate rose to $22,500, and the total capitalization of the cryptocurrency market began to recover, returning to the $1 trillion mark. As former BitMEX exchange chief Arthur Hayes recently stated, bitcoin is set to skyrocket as the U.S. Federal Reserve (Fed) could print trillions of dollars again.