El-Erian: Crypto Will Become ‘More Widespread’ But Not ‘Dominant’
Mohamed El-Erian, chief economic advisor to Allianz, said Tuesday that the Cryptic currency will spread more widely but will appear as part of a larger ecosystem.
El-Erian said that during his appearances at the CoinDesk Consensus: Invest conference in New York, Crypto calls, such as bit coins, were a product, not a currency, and he repeated his view in the past.
"There were two confusions," El-Erian said. "People called it a currency or an asset class, and what it is is part of a commodity complex."
"The Creep Talk currency will exist and become more and more prevalent, but it will be part of the ecosystem," he continued. "Early adopters will not be dominant because they believe so much."
El-Erian talked about why he was appealing to cryptocurrencies and then opened the way for the creation of bitcoins through the global financial crisis of the late 2000s. I have emphasized the "loss of trust" for 10 years.
"Yes, we are experiencing a big deficit of trust." El-Erian added:
"I do not think we would have come on the stage today if there was no impact on confidence in how the economy works."
In this session, assessed by the New York Times columnist Andrew Ross Sorkin, El-Erian has "more interest in the institutional side" of the institutional investor's view of industry concerns Commented.
That focus led to questions about comments like billionaire investor Warren Buffett said in May 2018 that Bitcoin "is probably the square of the rat poison."
El-Erian said this in response to the sharp rise in prices. "When people went straight on and saw someone falling into this phenomenon, they started to warn me, and I think it is a good warning."
El-Erian repeated his belief that cryptocurrencies are staying here.
"I believe this fact will not go away, it's just finding the place in the ecosystem."
Photos of Stan Higgins for CoinDesk
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