‘Amazon Of Crypto’—Former Blackrock Exec Predicts Everyone Will Hold This Crypto As Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, Luna, And Dogecoin Soar

Afternoon last month’s rout, crypto is on the rebound.

Over the past week, the price of bitcoin soared 12.1% and the ethereum price jumped 35.5%. XRP
XRP
is up 8%, cardano 14.6%, dogecoin 11.8%, BNB
BNB
13.6%, solana 15.2%, and Terra’s “luna 2.0” 4.9%.

Meanwhile, in a recent interview, Edward Dowd, former managing director of Blackrock, likened crypto’s bear market to the dot-com bust. He thinks it is a necessary cleansing of the market that will give rise to crypto equivalents of today’s internet juggernauts.

The Amazon

AMZN
of crypto

Speaking on Layah Heilpern’s podcast, Down singled out bitcoin as a leading contender to become the apex crypto in the long run.

Drawing parallels to the dot-com era, the former Blackrock executive called the cryptocurrency “the Amazon of crypto.” He predicts that bitcoin will become much more stable after this bear market. And once its volatility subsides, most investors will adopt it as a modern alternative to gold.

In theory, it’s a feasible thesis. As I wrote last year, “In form, Bitcoin
BTC
is probably the furthest thing from gold you can think of. But as an investment, the two are very much alike. Like gold, Bitcoin has little utility. Its supply is limited—not by nature but by design. And its value largely depends on supply and demand rather than enforcement and monetary policy.”

But so far, bitcoin has been the polar opposite of gold.

Over the pandemic, bitcoin and major altcoins have grown into an increasingly correlated, high beta asset class, which only amplifies stock moves. This signals that investors still view crypto as a speculative investment rather than gold-like portfolio insurance.

Looking ahead

By Goldman Sachs calculations, today bitcoin…