Bitcoin is the Amazon of the crypto age, says former BlackRock Exec

Edward Dowd – former CEO of BlackRock – believes that bitcoin will be a much more stable asset once the bear market is over. He described it as the “Amazon of the crypto age” and predicted that it will have a place in everyone’s portfolio in the future.

The crypto winter will not defeat Bitcoin

The recent decline in the crypto market, and in particular bitcoin’s price, has created many skeptics who predicted a bleak future for the asset class and even its end. However, the former equity portfolio manager at BlackRock – Edward Dowd – is not among them.

In a recent interview, he compared the crypto winter to the dot-com bubble at the end of the last century. In his view, “robust” cryptocurrencies will survive the turbulence, while pointless projects will capitulate. Bitcoin’s underlying technology, transparency and the freedom it provides will undoubtedly help the asset overcome its problems, Dowd argued.

He further touted BTC as the “Amazon of the crypto age,” which will eventually surpass gold. Dowd’s narrative comes from the fact that it is easier to deal with the primary digital asset than with the precious metal. People can buy small portions of it and shouldn’t worry about vaulting. All they need to do is not lose their private keys.

The former BlackRock CEO predicted that bitcoin would occupy a place in everyone’s portfolio one day. Still, Down did not reveal whether he had already deployed some of his fortune in the leading cryptocurrency.

What is the CEO’s attitude?

Earlier this year, BlackRock’s current CEO – Larry Fink – also gave his two cents on crypto assets. He claimed that his multinational investment management company is actively “studying digital currencies, stablecoins and the underlying technologies to understand how they can help us serve our clients.” Fink further outlined the huge investor appetite for crypto services displayed by customers.

The CEO touched on the matter again shortly after Russia’s invasion of Ukraine. He believed that the military conflict could damage fiat currencies and increase the use of bitcoin and altcoins.

Interestingly, Fink was nowhere near supporting the digital asset universe at the time. In 2017, he described BTC as a “money laundering index”, while in 2020 he argued that the cryptocurrency’s rise could undermine the dominance of the US dollar as the world’s reserve currency.