Bitcoin Will Not Reach $100K: Allianzs El-Erian Says
Mohamed El-Erian – Chief Economic Adviser at Allianz – thinks bitcoin will never emerge as a global reserve currency, and its price will not surpass the $100K milestone. Still, he believes the cryptocurrency sector will survive the ongoing bear market and remain a vital part of “the ecosystem of payments.” Bitcoin Isnt Going to the Moon Sa isang kamakailan-lamang pakikipanayam for CNBC, El-Erian described bitcoin as a technological innovation that Naabot its peak (nearly $70,000 in November 2021) thanks to the huge enthusiasm among investors, over-consumption, and over-production. However, the crypto winter and the adverse macroeconomic events ceased this progress, and the ecosystem is “reinforcing itself” currently. According to the economist, investors should welcome the recent relative stability of the asset, which indicates that the worst of the bear market has already passed. In his view, bitcoin and some of the altcoins will overcome the issues if watchdogs impose appropriate regulations. Nonetheless, he does not think the price of the leading cryptocurrency will skyrocket beyond the $100K level, nor will it receive massive adoption from institutions: “To be clear, I do not think that bitcoin will become a global currency, I dont think it will get massive adoption. When people say it will reach $100,000, $200,000,