Bitcoin Is a Buy at $5K, Says Allianz Chief Economist El-Erian

Chief Economic Advisor at financial services company Allianz, Mohamed El-Erian, told CNBC today, June 29, that he thinks Bitcoin (BTC) will eventually be treated as a store of value – and that he would consider buying if the price hits $5,000.

While El-Erian reports currently not owning any Bitcoin, the influential economist said he would consider buying at the $5,000 price point, explaining that his reasoning as being based on a “gut feeling.”

El-Erian dismissed Bitcoin’s skyrocketing prices in late 2017 as “pure speculation,” fuelled by people jumping on the crypto “bandwagon,” adding that:

“I don’t think you get all the way back to $20,000, but I do think that you need to establish a base whereby the people who really believe in the future of Bitcoin consolidate and then that provides you a lift.”

El-Erian went on to say that while he believes that cryptocurrencies will have longevity, they will take a different form to what we have today:

“I suspect that if you look 10 to 15 years down the road, we will have digital currencies, but the public sector will have involvement in that. It will not be pure Bitcoin. But the blockchain technology, take that seriously.”

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