2 November 2024
Bitcoin Will Be In Everyone’s Portfolio, Says Former Blackrock Executive
Edward Dowd, the former Blackrock Executive, and investment adviser believe that despite the recent crypto market turmoil, Bitcoin is here to stay and has the qualities to make it into everyone’s portfolio.
During Layah Heilpern’s podcast, Dowd states that once Bitcoin matures, it will likely beat gold due to unique features such as the ability to be transacted digitally.
He said that gold remains a viable investment, but Bitcoin stands a better chance as a store of wealth. The rise and fall journey of Bitcoin is the flagship cryptocurrency’s ability to stay longer.
He said, “Bitcoin is here to stay. It is going to be a part of everyone’s portfolio. At least with Bitcoin, you can exchange it digitally, and gold is a much tougher sale for me. I’m not against gold, and having some gold is not a bad idea.”
According to him, as the crypto market matures, Bitcoin is likely to stand out from the rest of the market. He compared the cryptocurrency market with the dot com era when most companies collapsed while the stronger ones survived.
Additionally, he said that Bitcoin’s growth would be guided by the asset’s key attributes that make it better than central banks. He highlighted the elements like transparency, freedom, and technology.
His comments came after the cryptocurrencies continue to sustain recent short-term gains led by Bitcoin. The leading cryptocurrency has maintained gains above $20,000, with the market regaining the $1 trillion capitalization.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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