Edward Dowd, a former executive at Blackrock who is now an investment adviser, has emphasized that despite the recent upheaval in the cryptocurrency market, Bitcoin is here to stay and possesses the traits necessary to be included in the portfolios of all investors.
During his appearance on the podcast by Layah Heilpern, Dowd reaffirmed his belief that if Bitcoin reaches maturity, it will surpass gold due to its distinctive characteristics, such as the digital exchange capacity.
According to Dowd, Bitcoin has a higher chance of succeeding as a form of wealth storage, even though gold is still a viable investment option. He claimed that the growing journey of Bitcoin, characterized by rises and falls, is aiding the flagship cryptocurrency’s potential to stick around for a longer period.
“Bitcoin is not going anywhere anytime soon. It will be something that is included in each individual’s portfolio. At least with Bitcoin, it is possible to exchange it online, whereas selling gold is a lot more difficult for me to do. I don’t have anything against gold, and I don’t think having some gold is a bad idea.”
Other Articles: $ 1,700 Soon in Ethereum as it Breaksout of Long Consolidation
Bitcoin May Become the Amazon of the Cryptocurrency World
The financial consultant continued by saying that as the cryptocurrency industry matures, Bitcoin will likely differentiate itself from the other assets on the market. He believes that the bitcoin market can be likened to the dot-com period, during which most businesses failed and only the most resilient ones survived. The following is what Dowd says:
“I can compare crypto to the dot-com period when 90 percent of enterprises in that industry went bankrupt,” he said. 10 percent of them went on to become Amazon.com. The people working in the cryptocurrency industry are tasked with determining whether a company may be considered the “crypto Amazon.” Bitcoin is most certainly in the running, in my opinion. I wish you the best of luck with some of these other coins!
In addition, Dowd stated that the expansion of Bitcoin would be guided by the core characteristics of the asset that made it better than central banks. He referred to factors such as openness, liberty, and technological advancement in this particular instance.
These emotions come as recent short-term gains for cryptocurrencies, headed by Bitcoin’s performance, continue to be maintained. As of the article’s publishing time, the cryptocurrency with the highest market capitalization surpassed the $1 trillion mark, thanks to further increases that exceeded $20,000 per Bitcoin.
Read More: Customers of Celsius May Have to Wait Years to Access Funds