Bitcoin is ‘here to stay’, says former BlackRock investment adviser – better than gold?
Edward Dowd, a former Blackrock director and investment adviser, said that while gold remains a viable investment, Bitcoin is more likely to succeed as a form of wealth storage.
The most sought-after crypto asset, Bitcoin – according to Dowd – has a place in everyone’s portfolio and great potential due to its proven nature as a valuable asset.
During an appearance on Layah Heilpern’s podcast, Dowd emphasized that once BTC has fully developed, it will certainly surpass the yellow metal due to its unique properties, such as the capacity to be digitally exchanged.
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Bitcoin will be here for a long time
According to the former Blackrock top honcho, the crypto will continue to exist. It will be part of everyone’s portfolio. Bitcoin can at least be exchanged digitally, «while gold is significantly more difficult for me to sell. I have nothing against gold, and owning something is not a bad idea. “
Bitcoin exceeded the $ 22,000 threshold on Tuesday, trading at $ 22,112, an increase of 11 percent over the past week, according to Coingecko data. So far, market watchers have seen an escalation in sales as buyers pushed the price toward the $ 23,000 range.
In addition, Dowd believed that BTC’s growth would be determined by essential features of the currency that would make it superior to cash issued by central banks.
Can Bitcoin Survive Gold?
He stated that Bitcoin may take over gold in the future due to its unique qualities, such as the simplicity, transparency and decentralized nature of the transaction.
Dowd is currently a consultant at Symphonic Capital LLC. He was recently banned from Twitter for making inflammatory remarks about the COVID-19 vaccination.
He attended the University of Notre Dame from 1985 to 1989, graduating in 1989. He began his career at HSBC Bank on Wall Street.
Dowd was BlackRock’s CEO and equity portfolio manager from 2002 to 2012, overseeing the expansion of a $ 2 billion fund to $ 14 billion under his leadership.
Dowd does not expect genuine competition between gold and Bitcoin, but says that both can have a place in the wallet of investors.
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Crypto total market cap at $1.06 trillion on the daily chart | Source: TradingView.com
The former Blackrock Exec is bullish on Bitcoin
Interestingly, there are now others who claim that cryptocurrency can be banned and disappear in the long run, and thus his views seem to be a bit at odds with the dominant thought process in mainstream markets.
His comments come as the cryptocurrency market as a whole maintains its current short-term gains, with Bitcoin at the forefront.
According to CoinMarketCap, the entire market value of cryptocurrencies increased by 2 percent overnight to $ 1.02 trillion.
The leading cryptocurrency has had increases of over 20,000 dollars, which gives good vibes to an otherwise terrible crypto market.
Featured image from One News Page, chart from TradingView.com
