After Bitcoin descended from the peak level by more than 70%, Allianz SE chief economic adviser Mohamed El-Erian said that, according to his “inner flair,” the leading crypto currency is approaching the level when it is worth buy. In his opinion, crypto currency investors should wait for bitcoin to drop to $ 5000 per piece: then it will begin to play the role of a means of accumulation.
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El-Erian believes that over time, crypto-currencies will act as a commodity that can be sold or used for accumulation, but not as a currency.
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Last year, when bitcoin showed growth and was approaching $ 3505 per unit, El-Erian stated that this price was unjustifiably high, while the crypto-currency should cost twice or even three times less.
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