Bitcoin will not become a global currency

Mohamed El-Erian is a chief financial advisor at currency firm Allianz. According to him, Bitcoin will not be able to convert the US dollar into a global currency. He believes that cryptocurrencies will continue to exist within the ecosystem and that regulation will not affect them.

There are always two sides to the coin: those who believe BTC is the future, and those who disagree. Mohamed El-Erian, another economist, recently said that BTC would not become a global currency. He also stated that Bitcoin would not be able to replace the US dollar.

He believes that cryptocurrencies as assets not currencies will continue to be a part of the same ecosystem as the US dollar. This would make it impossible to have a global decentralized economy. Evidently, those in power won’t let power slip from their hands. Muhammad El-Erian’s statements make sense.

Bitcoin Will Not Become a Global Currency

El-Erian was recently interviewed by CNBC about his thoughts on cryptocurrency and its future impact. El-Erian stated that while Bitcoin will not become a global currency can destructive force, and it has enjoyed good popularity in different circles, it will not replace the US dollar. Mohamed El-Erian, Allianz’s chief economic adviser, is also the parent company PIMCO, which is one of Europe’s largest investment firms. El-Erian is also the chief investment officer and CEO of Allianz.

El-Erian also stated that he believed regulators could not keep an eye on BTC until it is forgotten. In the future, it will be its own ecosystem however, Bitcoin will not become a global currency. This economist is actually an investor. He has been in the crypto market since the crypto snow of 2018.

The Bitcoin price at that time was $3,000 which was an insane entry point for many Crypto Investment in ASEAN and other regions. He sold his collection when BTC reached $19,000.

Investor Bitcoin

He categorizes Bitcoin investors in three groups. The first is a “fundamentalist” who invests in long-term projects. The second category is professional investors who want to diversify their investment portfolios. The last category is “speculator”, who trades daily or in short terms.

He encouraged encryption companies to get in touch with regulators as soon as possible. Because encryption is rapidly becoming a mainstream technology. This could use to circumvent regulatory hurdles by online giants such as Amazon, Google, and Facebook.

“When I speak to people in crypto, I tell them that they have a responsibility to not repeat the mistakes of big tech companies. Big tech companies make the big mistake of not realizing they are systemically important. They don’t strike. He explain that the discussion regulations were important.”

The speculator is not an expert on the topic he’s working on. They are still speculating on it. Market volatility can rattlesnake for speculators, so the first two types are good options.

Note: Bitcoin will not become a global currency is useful if you need to understand the workings of something before you do anything. We can be certain that we are blind speculators and will always blame those around us if this isn’t done.

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