The price of Bitcoin will rise, but mass adoption won’t happen16th September 2017
Bitcoin price to “explode”, but mass adoption “will not happen” , — said the chief economic adviser to Allianz .
Speaking at a segment of Squawk on the network media CNBC Mohamed El-Erian said that bitcoins should cost half or one third of its price at $ 4,000.
“The current pricing policy involves a mass acceptance, and I don’t think the government will be allowed everywhere to legalize cryptocurrencies”, — he explained.
“I think that the price will rise, but I think it will exist, only because this currency peers.”
El-Erian joins an increasingly loud debate about the future of Bitcoin after China spooked the markets, unfounded claims, he will forbid the exchange, and CEO of JPMorgan Jamie Dimon called Bitcoin a “Scam”.
Dimon also suggested that the only “constrained” use of Bitcoin will be the currency of p2p, in particular for Venezuelan citizens, North Korea and drug dealers.
“Bitcoin exists in this world,” said El-Erian, “But the current prices assume mass adoption that will never happen”.
Increasing divergence in perspectives between the traditional financial bosses and followers of cryptocurrencies such as John McAfee, Max Keiser and investor Jeremy Liv, who did the projections for the high price of bitcoins quite significantly.
As of printing, Bitcoin, meanwhile, has lost 5.3 percent over 24 hours to falling below $ 3,500. On Wednesday, the analyst Tone Vays suggested that
“the ideal level for shopping” will be 3000 USD, where strong support and that he “doesn’t think the rate will go down further”.