Mohamed El-Erian, chief economic advisor at financial services company Allianz, says that bitcoin is not going to be a global currency and will not replace the U.S.
El-Erian is the chief economic advisor at Allianz, the corporate parent of PIMCO, one of the largest investment managers, where he was CEO and co-chief investment officer.
El-Erian additionally revealed that he bought some bitcoin during the “crypto winter” of 2018 when the price of BTC plunged to almost $3,000 but did not specify how much he bought.
He categorized bitcoin investors into three types.
The big mistake of Big Tech was they didn’t realize they were becoming systemically important, so they didn’t engage in preemptive regulatory discussions,” he detailed.
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