For all those of you who want a new price prediction regarding Bitcoin (BTC), in the today’s section of our Bitcoin news we are reporting an exclusive interview with the chief economic advisor at Allianz, Mohamad El-Erian.
In an recent interview with Yahoo Finance, El-Erian spoke about Bitcoin’s downtrend and said that cryptocurrencies are not dead – even though they may be overvalued right now. Backing up the sentiment he had already shared in June about Bitcoin stabilizing at $5,000, El-Erian once again added that unnecessary speculations had led Bitcoin to the bullish action and caused a buying frenzy.
As he said:
“What we’re getting is the realization that adoption is not going to be as big and as quick as the proponents of crypto would like. I think it’s going to be there, it’s going to last for a long time, it’s going to play a role in the ecosystem, but it’s not going to be the currency that a lot of proponents would like it to be.”
This statement also arrived at the time when the cryptocurrency market is undergoing a bearish correction – after dropping by as much as 80% from its all-time high. All of the top coins are now contributing to the overall loss, but all eyes are on the Bitcoin, which is now trading at $6,444 – or $1,444 above El-Erian’s prediction.
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