Bitcoin Won’t Touch $100k Anytime Soon, Economist Says
As the first and primary cryptocurrency in existence, Bitcoin has witnessed various reactions and predictions in the industry. Its progress in recent years has been above the growth of conventional assets. However, the recent bearish trend in the crypto market this year cast doubt on the future of the token.
Recently, Allianz Chief Financial Advisor Mohamed El-Erian revealed his opinion on the potential future of BTC. According to him, the leading crypto-asset will become a global reserve currency, but its price will not reach the $100,000 level.
Furthermore, El-Erian believes that the crypto sector will scale through the prevailing crypto winter. He noted that the crypto industry would also evolve to become an important sector in payment systems.
Will Bitcoin Reach Expected Price Range?
El-Erian responded in an interview with CNBC, where he described Bitcoin. He pointed out that as an innovative technological project, BTC reached its peak when the price reached $70,000 in November 2021. El-Erian noted the contributing factors to the rise of BTC, such as the massive enthusiasm of investors, overproduction and overproduction. -consumption.
Asked by crypto regulators, El-Erian believes that Bitcoin and the major altcoins will overcome them. He stated that performance may not decrease with the right regulations in place. But the possibility of BTC reaching $100,000 or gaining massive institutional adoption remains uncertain.
The chief economist also noted that the crypto winter and adverse macroeconomic conditions affected BTC’s progress. But fortunately, there is a gradual strengthening in the crypto ecosystem now.
With that, El-Erian encourages investors to appreciate the relative stability of Bitcoin. Moreover, recent movements in the market suggest that the crypto market has already had its worst bearish trend, which is almost over.
El-Erian has been a BTC holder until now. The economist brought the asset to $3,000 per token during the crypto winter of 2018. However, he sold off his holdings in 2020 when BTC rose to $19,000 per coin.
BTC Supporters Opinions
The price estimate of Bitcoin reaching $100,000 per token is quite a milestone. However, some advocates had great faith in the move. So they predict when BTC can reach the level and not if it will.
Michael Saylor, a BTC maximalist, believes that Bitcoin will perform well in the future and move towards $1 million. According to him, the token is different from others as no other network can match its level of security.
In October, Senior Commodity Strategist at Bloomberg Intelligence, Mike MaGlone, predicted that BTC would reach $100K in 5 to 10 years.
Some predictions have also emerged from individuals outside the crypto industry. Zak Pendl, co-founder of Global FX at Goldman Sachs, gave a similar forecast for the primary crypto asset.
However, at the time of writing, the BTC price is trading at $20,297, indicating a 0.72% drop in the last 24 hours.
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