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Mohamed El-Erian, Chief Economic Advisor at Allianz, believes that bitcoin will never be a global reserve currency and will not reach 100K$.
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He thinks the cryptocurrency industry will continue to thrive in the bear market and be a vital component of "the ecosystem for payments."
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El-Erian, a CNBC interviewer, described bitcoin as a technological breakthrough that reached
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Its peak in November 2021 (nearly $70,000) due to investors' enthusiasm, over-consumption, and over-production.
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The crypto winter and adverse macroeconomic events have halted this progress, and the ecosystem is currently "reinforcing itself."
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He believes that bitcoin and other altcoins can overcome these issues if watchdogs impose appropriate regulations.
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He doesn't think that the price of the most popular cryptocurrency will never rise above 90K, and institutions won't adopt it.
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His Statement: To be clear, bitcoin will not become a worldwide currency. It will also not gain widespread adoption.
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People make it sound like it will be worth $100,000, $200,000, or $300,000. They assume that massive adoption is what they are referring to.
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