Skip to content

Bitcoin "Trying to find stability": El-Erian of Allianz softens his stance on Crypto

Allianz's chief economic advisor, Mohamed El-Erian, joins Bitcoin skeptics seem to soften their position on cryptocurrency.

In a similar manner to JPMorgan's Jamie Dimon, El-Erian, who previously stated that Bitcoin should be worth 50% of its value, told CNBC that he "was trying to find stability."

"… It is more of a commodity than a currency," he said, comparing Bitcoin to a commodity rather than to a commodity. motto.

As Bitcoin reaches new historic highs of $ 7,500, Wall Street giant CME Group is expected to make the decision to offer Bitcoin futures shortly thereafter of 1945.

When El-Erian made his previous comments in September, Bitcoin was trading around $ 4000.

He had planned "Explode" awards, but this adoption by the masses "is not going to happen."

With Coinbase adding 100,000 daily users in November, El-Erian nonetheless expressed concerns about the prospects for long-term adoption.

"My main long-term concern is: is the price assumption in adoption consistent with reality? That's the question that investors should be asking if they hold Bitcoins for a few months, "he added to CNBC

For his part, Dimon had declared that he no longer talk about Bitcoin after its infamous ". The fraud charges became viral and caused a drop in prices. Other senior executives of JPMorgan said that the banking giant was "open-minded" on the issue of cryptocurrency in general.