Interesting study conducted by Cam Nicholls comparing blood doping with sleeping at altitude.
Cam compares blood doping (including EPO (Erythropoietin), blood transfusions, and synthetic blood carriers) and the impact this has in terms of pros and cons. Conversely, Cam does the same for sleeping at altitude using a Box Altitude system.
The pros of both are the increase in pcv/hematocrit and ultimately haemoglobin. As haemoglobin is the protein that carries blood to the working muscle, Cam focus more on haemoglobin during his discussion than hematocrit and shares his compelling blood test results.
Cam concludes that both blood doping (illegal and dangerous) and sleeping at altitude (legal and safe) have the exact same effects. Also relevance to general health & wellbeing, how this applies to endurance sports such as cycling, road racing, time trials and triathlon.