Ex-Blackrock investment advisor: I can compare crypto to the dot com era

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Bitcoin is becoming more and more popular. Despite the decline in recent months, there are still many big names in the investment world advocating for bitcoin. This includes investment advisor and former Blackrock executive Edward Dowd where he recently told a podcast that bitcoin is here to stay.

Bitcoin as a store of value

“Bitcoin has the qualities to make it into anyone’s portfolio,” Dowd told Layah Heilpern’s podcast. “Once bitcoin matures, it will probably beat gold because of unique characteristics, such as the ability to be traded digitally.”

Gold, he says, is still a good “viable” investment, but bitcoin would pay off perfectly as a “store of value. By this he means that bitcoin is a good store for your funds, which are likely to become more valuable in the future.

Gold is harder to sell

“Bitcoin is here to stay,” Dowd said. He talks about gold in the conversation with Heilpern, and the disadvantages it has over the largest crypto currency. “At least with bitcoin you can redeem it digitally, and gold to me is a much more difficult sell.”

And even though this makes it seem like he doesn’t think highly of gold, he does stress that he’s not against it. “Having some gold is not a bad idea,” he told us.

Crypto compared to the dotcom bubble

The investment adviser also said that as the crypto sector matures, Bitcoin will likely stand out from the rest of the market. According to him, most crypto currencies will collapse, while the stronger ones will survive. Right; exactly like with the dotcom era.

“I can compare crypto to the dot com era where 90% of those companies went to zero. 10% of them became Amazon. It’s the job of the crypto people to figure out what the ‘Amazon crypto’ is. I think bitcoin is clearly in the running.”

Moreover, the investment adviser maintained that bitcoin’s growth would be led by transparency, freedom and technology. These are core qualities of bitcoin that Dowd believes make it better than a central bank.

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