After bitcoin dropped from a peak of more than 70%, the chief economic adviser to Allianz SE’s Mohamed El-Erian (Mohamed El-Erian) said that, according to his “internal sense”, is a leading cryptocurrency is approaching the level where it is worth buying. In his opinion, kriptosistem should wait until bitcoin drops to $5000 per piece: he begins to play the role of means of accumulation.
“I don’t think will again rise to $20 thousand, but believe that it is necessary to establish a base around which to rally those who really believe in the future of bitcoin, and this will provide an opportunity for growth,” he said in a live CNBC.
El-Erian believes that over time cryptocurrencies will act as a product that can be sold or used for storage, but not as currency.
“I suppose, if you look 10-15 years ahead, we will see the digital currencies with the participation of the public sector. It will not be bitcoin, but the blockchain technology. Treat it seriously,” added the economist.
Recall that last year, when bitcoin was showing growth and was approaching the level of $3505 per unit, El-Erian said that the price is unreasonably high, and the cryptocurrency needs cost twice and even three times less. At the moment, according to CoinMarketCap, the price of bitcoin makes $5910 per share.