Former BlackRock Inc BLK Managing Director Edward Dowd proclaimed that Bitcoin BTC/USD will stabilize once the recent bear run comes to an end.
What Happened: The past few months have seen an extremely bearish downturn in crypto markets. Amidst macroeconomic fears of an impending recession caused by hyperinflation in recent years, the crypto sector has been seen as a highly speculative asset class. Being deemed risk-on by a large scale of people and individuals, the sector has met skepticism globally.
Bitcoin is trading Thursday afternoon at publication at $23,121.35, down from its all-time high of more than $68,000 this past November.
Why It Matters: Despite the recent market turbulence, Dowd has approached this sector with optimism. His recent comments compared the dot-com bubble in the early 2000s to the current cryptocurrency bear run.
Dowd believes crypto projects with effective long-term utility will survive current market conditions. He further stated that decades from now, all investors will hold Bitcoin as a part of their portfolios.
Bitcoin, Dowd said, will be the “Amazon of the crypto era,” providing a ray of optimism in otherwise dreary market conditions.
See Also: Is Bitcoin A Good Investment In 2022?
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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