A controversial former BlackRock executive says bitcoin could occupy a place in everyone’s portfolio.
Speaking on Layah Heilpern’s podcast, Dowd said bitcoin holds promise because it can be transacted digitally.
Dowd is an alumnus of the University of Notre Dame, who attended the institute from 1985 to 1989. He began his career on Wall Street while working for HSBC Bank. Dow was a managing director and equity portfolio manager at BlackRock from 2002 to 2012, growing the $2 billion fund to $14 billion under his guidance. He currently serves as an advisor to Symphonic Capital LLC. He was recently suspended from Twitter for making controversial statements about the Kovid-19 vaccines.
bitcoin will be in everyone’s portfolio
Dowd believes that bitcoin is here to stay and will hold a place in everyone’s portfolio. The notion of holding crypto as part of a diversified portfolio is not new. Fidelity Investments earlier this year locked horns with the Department of Labor to build digital asset accounts into its 401(k) plans, which are slated for launch in 2023.
Dowd compared the decline in the cryptocurrency market to a dot-com bubble. He believes that the more robust cryptocurrencies will overtake the current crypto bear market, while the smaller ones will surrender. He added that Bitcoin is on course to become the Amazon of the crypto era that stands even after the collapse of “90%” of other cryptocurrencies. Dowd’s thesis is that bitcoin’s growth will be driven by its transparency, the freedom it offers, and its technology.
While debating the merits of gold, Heliper said that it would be easier to use bitcoin than gold in an emergency.
In Dowd’s opinion, it will take a long time for the bitcoin price to reach its November 2021 highs. He did not disclose any bitcoin holdings on the podcast.
Dow Concerns About CBDCs
Heliper’s podcast deals with the issues of freedom, bitcoin and impending authoritarianism. Dowd made some controversial statements in interviews, saying that central banks used the Covid-19 pandemic as an excuse to print more money. He believes that we are at the end of the current debt-based monetary system with crypto markets and central banks focusing on digital currencies. He cited concerns that central banks would be able to leverage the CBDC platform to build social scores.
Data from Coingecko shows that as of mid-east, bitcoin had hit the $22,500 mark. The world’s largest cryptocurrency by market capitalization fell sharply following the May 2022 collapse of the TeraUSD stablecoin, touching the $17700 mark on Saturday, June 18, 2022, from a high of over $69K in November last year Was.
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