Edward Dowd, the former managing director of Blackrock, compared the current crypto bear market to the dot-com bust which will result in the "necessary cleansing" that will eventually give rise to crypto equivalents of today's internet juggernauts.
<h2>Bitcoin is the "Amazon of Crypto"</h2>
<a href="https://www.youtube.com/watch?v=2-fZzzyWxtU" target="_blank" rel="nofollow noopener">Appearing</a> on Layah Heilpern's crypto podcast, Down had all praises for Bitcoin (BTC), calling it "the Amazon of crypto." According to him, the digital asset will become much more stable after the current bear market where most investors will adopt it as a modern alternative to gold.

His narrative comes from the fact that it is easier to deal with digital assets than with precious metals. For instance, people can buy small portions of it and need not worry about keeping it in vaults. All they need to do is just not lose their private keys.

Earlier this year, BlackRock's current Chief Executive Officer Larry Fink stated that his company is actively "studying digital currencies, stablecoins, and the underlying technologies." Fink revealed that the huge investors' appetite for crypto services from customers was the reason behind the decision.

However, he was not always supportive of the flagship cryptocurrency in its early days. Back in 2017, he called it an "index of money laundering." Similarly, in 2020, he argued that the advancement of <a href="https://www.cryptoknowmics.com/news/justin-sun-says-musk-selling-bitcoin-is-great-news-for-cryptocurrency/" target="_blank" rel="noopener">cryptocurrency</a> could undermine the dominance of the US dollar as the world's reserve currency.

Ex-BlackRock Exec Edward Dowd Likens Bear Market with Dot-Com Bust

Edward Dowd, the former managing director of Blackrock, compared the current crypto bear market to the dot-com bust.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Ex-BlackRock Exec Edward Dowd Likens Bear Market with Dot-Com Bust

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