In an interview with Yahoo Finance, Allianz chief economic advisor said that cryptocurrencies are not dead, he mentioned that Bitcoin could actually stabilize around $5,000.

He thinks that the buy value of Bitcoin is at $5,000 and mentioned that what caused the bullish market last year was unnecessary speculations. According to him, “What we’re getting is the realization that adoption is not going to be as big and as quick as the proponents would like.

According to Allianz, bitcoin as an asset whose buy value should be circa $5,000, a sentiment he had already shared in June. In his latest statements, El-Erian added that unnecessary speculations had led to the previous bullish action, causing an unwarranted buying frenzy.

He spoke about the phenomenon of crypto-adoption as well, “we’re going to see more widespread adoption, by both the private and public sector of the blockchain technology and related technologies.” Mohammad El-Erian laments that the trend of adoption “is not going to be as big and as quick as the proponents of crypto would like.”

Allianz Chief Economist Believes Bitcoin Price Will Stabilize at $5,000

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