While appearing on Layah Heilpern’s podcast, Dowd claimed that once Bitcoin matures, it will likely outperform gold due to unique features such as the ability to be transacted digitally.
Although gold remains a viable investment, Dowd believes Bitcoin has a better chance as a store of wealth. He stated that Bitcoin’s up and down growth trajectory is helping the flagship cryptocurrency’s ability to stay longer.
“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,” he explained.
Bitcoin is in the running to be the crypto equivalent of Amazon. With the maturity of the cryptocurrency sector, the investment adviser believes Bitcoin will stand out from the rest of the market. He compares the cryptocurrency market to the dot-com era when most companies failed while the stronger ones survived. Dowd claims that:
“I can liken 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 folks to figure out what is the crypto Amazon. I think Bitcoin is obviously in the running. For some of these other coins, good luck!”
Dowd also maintained that Bitcoin’s growth would be guided by the asset’s key attributes that make it superior to central banks. He cited elements such as transparency, freedom, and technology.
His remarks come as the general cryptocurrency market continues to sustain recent short-term gains led by Bitcoin. At the time of publication, the top-ranked cryptocurrency had maintained gains above $20,000, with the market regaining the $1 trillion capitalisation.