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Home / Business / Bitcoin is a $ 5K buy, says Allianz chief economist El-Erian

Bitcoin is a $ 5K buy, says Allianz chief economist El-Erian



Financial Economic Advisor Chief Economic Advisor, Mohamed El-Erian, told CNBC today, June 29, that he will eventually treat Bitcoin (BTC) as a store of value – and that he would consider buying it when the price reaches $ 5000.

While El-Erian reports that he does not own Bitcoin, the influential economist said he would consider buying the $ 5,000 prize and said his argument was based on a "gut feeling."

Erian dismissed Bitcoin's skyrocketing prices in late 2017 as "pure speculation," fueled by people jumping on the Crypto train, adding: "I do not think you'll get all the way back to $ 20,000 but I think you need to create a base on which to consolidate the people who really believe in the future of Bitcoin and then give you a boost. "

El-Erian went on to say that he believes that Cryptocurrencies will have longevity take a different form than w What we have today:

"I suspect that when we look 1

0 to 15 years later, we will have digital currency, but the public sector will be involved But the blockchain technology takes it seriously. "

In the long run, El-Erian considers that bitcoin will not serve as a currency, but as" another commodity-type credit that can be traded, and ha upright as a store of value. "

In this regard, its position reflects the existing status of Bitcoin in the eyes of the US Commodities Futures Trading Commission (CFTC), which has already classified the leading cryptocurrency as a commodity since 2015. [19659002] El-Erian also believes That crypto-adoption rates will be "much slower than what the believers think." He adopted the same attitude in September 2017 and saw Bitcoin's subsequent "price blast" happen ahead, largely because of government intervention.

Bitcoin Currently trading at $ 5,885, nearly 4 percent a day and over 20 percent this month, BTC also fell below the $ 6K mark on June 24, reaching its lowest price level in 2018, a point it has since October 2017


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