Former BlackRock leader believes Bitcoin is here to stay
A controversial former BlackRock boss says that bitcoin can take a place in everyone’s portfolio.
Speaking on Layah Heilpern’s podcast, Dowd said bitcoin has a promise because it can be traded digitally.
Dowd is an alumnus of the University of Notre Dame, having attended the institution from 1985 to 1989. He began his career on Wall Street, working for HSBC Bank. Dowd was BlackRock’s CEO and equity portfolio manager from 2002 to 2012, managing a $ 2 billion fund that grew to $ 14 billion under his guidance. He currently works as a consultant for Symphonic Capital LLC. He was recently suspended from Twitter for making controversial statements about Covid-19 vaccines.
Bitcoin will be in everyone’s portfolio
Dowd believes bitcoin is here to stay and wants a place in everyone’s portfolio. The notion of holding crypto as part of a diversified portfolio is not new. Fidelity Investments locked in with the Ministry of Labor earlier this year to create digital asset accounts in its 401 (k) plans, which are scheduled for launch in 2023.
Dowd compared the downturn in the crypto market to the dot-com bubble. He believes that more robust cryptocurrencies will survive the current cryptocurrency market while less will capitulate. He said that bitcoin is running to become the Amazon of the cryptocurrency era that remains standing after “90%” of the other cryptocurrencies collapsed. Dowd’s thesis is that bitcoin’s growth will be driven by its openness, the freedom it provides and technology.
While discussing the benefits of gold, Heilpern said it would be easier to use bitcoin in an emergency than to have gold.
In Dowd’s opinion, it will take a long time before bitcoin prices reach their peak in November 2021. He did not reveal any bitcoin holdings on the podcast.
Dowd’s concerns about the CBDC
Heilpern’s podcast addresses issues of freedom, bitcoin and impending authoritarianism. Dowd made some controversial statements in the interview, saying that central banks used the Covid-19 pandemic as an excuse to print more money. He believes we are at the end of the existing debt-based monetary system with crypto markets stemming and a focus on central banks’ digital currencies. He cites concerns that central banks will be able to leverage the CBDC platform to create social results.
Bitcoin had risen to 22,500 dollars by noon Eastern time, data from Coingecko shows. The world’s largest cryptocurrency measured in market value fell sharply after the collapse of TerraUSD stablecoin in May 2022, reaching the $ 17700 mark on Saturday, June 18, 2022, from peaks of over $ 69K in November last year.
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