Bitcoin Will Not Touch $100k Anytime Soon Says Economist

As the first and primary cryptocurrency to exist, Bitcoin has witnessed different reactions and predictions in the industry. Its advancement over the past years has been above the growth of conventional assets. However, the recent bearish trend in the crypto market this year created doubts about the future of the token. Recently, the Chief Economic Adviser at Allianz, Mohamed El-Erian, disclosed his opinion on the potential future of BTC. According to him, the leading crypto asset will become a global reserve currency, but its price will not reach the $100,000 level. Related Reading: Dogecoin (DOGE) Cracks Over 150% In 7 Days; Is The Top In Yet? Further, El-Erian thinks the crypto sector will scale through the prevailing crypto winter. He noted that the crypto industry would also advance to become an important sector in payment systems. Will Bitcoin Reach Expected Price Range? El-Erian was responding in an interview with CNBC, where he described Bitcoin. He pointed out that as an innovative technological project, BTC hit its peak when the price reached $70K in Nov 2021. El-Erian noted the contributory factors for the surge of BTC, such as investors’ massive enthusiasm, over-production, and over-consumption. On issues from crypto regulators, El-Erian believes that Bitcoin and the major altcoins will overcome them. He stated that performance might not dwindle with the right regulations in place. But the possibility of BTC ...