Bitcoin is a buy says allianz chief economist El-Erian

29 Jun, 2018
by Joeri Cant
Bitcoin is a buy says allianz chief economist El-Erian

El-Erian, the chief economic advisor at Allianz, said that Bitcoin would be worth considering if it falls below $5,000. Bitcoin was trading around $5,870 as El-Erian made his remarks on CNBC's "Squawk Box."

"I don't think you get all the way back to $20,000, but I do think that you need to establish a base whereby the people who really believe in the future of bitcoin consolidate and then that provides you a lift," he said.

El-Erian said cryptocurrencies likely won't be currencies at all but more like commodities.

"I suspect that if you look 10 to 15 years down the road, we will have digital currencies but the public sector will have involvement in that. It will not be pure bitcoin," he said. "But the blockchain technology, take that seriously."

"It will be a means of exchange," El-Erian continued. "It's not going to be a currency, it's going to be another commodity-like asset out there that you can trade, and mainly as a store of value."

Some other financial advisors are skeptical, however.

Priya Malani, founding partner of Stash Wealth, said that bitcoin is a gamble, not an investment.

“If you want to gamble with your money you might as well go to Vegas, it’s much more fun,” she said.

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Read more about: Bitcoin (BTC)


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