Bitcoin, the original and most important cryptocurrency ever created, has seen a variety of reactions and forecasts in the sector. The growth it has made over the last years is more than that of traditional assets. The crypto market’s recent bearish trend has cast doubts on the token’s future.
Mohamed El-Erian is the chief economic adviser at Allianz and recently gave his thoughts on BTC’s future. He stated that the most popular crypto asset would become a worldwide reserve currency but it will be priced at less than $100,000.
El-Erian believes that the crypto industry will survive the current crypto winter. El-Erian noted that crypto would grow to be an important part of payment systems.
Bitcoin to Reach the Expected Price Range
El-Erian answered in an interview CNBCHe described Bitcoin in this article. El-Erian pointed out that Bitcoin was an innovative technology project and reached its maximum price in November 2021. El-Erian noted the contributory factors for the surge of BTC, such as investors’ massive enthusiasm, over-production, and over-consumption.
El-Erian is positive that Bitcoin (and the other major altcoins) will triumph over any issues raised by crypto regulators. El-Erian stated that the regulations will ensure that there is no decrease in performance. However, it is not certain that BTC will reach $100K and gain widespread institutional adoption.
Also, the chief economist noted that the crypto winter and unfavorable macroeconomic conditions impacted BTC’s advancement. But thankfully, there’s a gradual reinforcement in the crypto ecosystem now.
El-Erian urges Bitcoin investors to be aware of its relative stability. Recent market movements indicate that crypto markets have already experienced their worst bearish trends, and this trend is fast ending.
El-Erian was a BTC-holder in the past. The asset was purchased by the economist at $3,000 per token in the crypto winter 2018. In 2018, the crypto winter, the economist bought it at $3,000 per token. However, in 2020 BTC rose $19,000 each coin.
BTC Proponents’ Opinions
It is a significant milestone to predict Bitcoin’s price hitting $100,000 per token. But, not all supporters believed the move. They predicted when BTC would reach that level, and not whether it would.
BTC Maximalist Michael Saylor believes Bitcoin will shine in the future, and reach $1 million. He believes that the token stands out from other networks because it has a higher level of security than any other.
Mike MaGlone of Bloomberg Intelligence was the senior commodity strategist for October. He predicted BTC hitting $100K in five to ten years.
Others have made predictions that are not related to the cryptocurrency industry. Zak Pendl was the co-founder at Goldman Sachs of Global FX. He also gave similar predictions for the primary cryptocurrency asset.
As of this writing, however, the BTC price was trading at $20.297. That’s a drop by 0.72% in the last 24 hours.
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