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Bitcoin [BTC] below $5000 is a good buy, says El-Erian

Priyamvada Singh



Bitcoin [BTC] below $5000 is a good buy, says El-Erian
Source: Pixabay

According to CNBC’s report, El-Erian, the veteran businessman, and economist has said that Bitcoin will be worth buying if the prices drop below the $5,000 mark. Today, the Bitcoin price dropped below $6,000 once again and had a steep fall all the way down to a 70% from its peak. Erian’s remark was in reference to the same.

El-Erian is the Chief Economic Advisor at Allianz. He is considered to be one of the most influential individuals in the world of finances.

The advisor added:

“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.”

Last year saw the crypto-market celebrating rocketed prices and enjoying the green privilege since the popularity and demand for digital assets had touched the sky. Bitcoin’s price at its pinnacle has climbed up to $19000.

Along with all the perks, decentralization and cryptocurrencies have its own drawbacks. Several cybersecurity issues started to emerge and have been on the crypto-radar for months now. Cases of exchanges under hacks, malicious cryptojacking tools, ICO scams, and suchlike have come into visibility and created a panic among the community causing the market to ultimately crash.

El-Erian also stated that cryptocurrencies are more likely to act as commodities in the future of finance. He indicated that more thrust should be put on the blockchain technology. He said:

“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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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.