that some will continue to use it as a medium of exchange: It will be a means of exchange Its not going to be a currency, its going to be another commodity-like asset out there that you. Bitcoins demise would have few spillover effects on the real world, since the market for this cryptocurrency is still quite small in size, he said. Its a bubble thats about to burst, according to the company. El-Erian told cnbcs, squawk Box on Friday that he felt prices below the 5,000 mark were to be considered as a worthy entry point for Bitcoin investors. The action comes as the country cracks down on cryptocurrency exchanges, but the seizures were reportedly related to protecting consumers from the unlawful practices of those specific exchanges. Are you bearish, or turning bullish? Hofrichter joins a chorus of commentators casting doubt on the underlying value of the digital currency. Allianz, stated that the cryptocurrency was worth considering at prices below 5,000 per BTC. Still, investing in any cryptocurrency is admittedly risky and volatile and to deny that is to illustrate ignorance.
Bitcoin meets all of the essential criteria for any asset-class bubble, including overtrading, a lack of regulation and the potential for swindles; Bitcoin has no intrinsic value: it is a claim on nobody unlike sovereign bonds, equities or paper money and doesnt generate any income. Allianz, global Investors is not too keen on bitcoin, Bloomberg reported. Its a bubble thats about to burst, according to the company. Its a bubble thats about to burst, according. Allianz adviser went on to talk about the future.
Not everyone agrees, however, and the non-believers have come out in force. They largely focus on asset management, as well as providing insurance products. Noted the founder and executive chairman of Edelman Financial Services, Ric Edelman: I believe that certain crypto assets, bitcoin and ethereum, are poised for a strong future. . While one could make the same argument about gold, the yellow metal has been widely accepted as a store of value for more than two-and-a-half thousand years - compared to less than a decade for Bitcoin, he said. While the, indonesia Digital Asset Exchange (indodax) claims that it will have.5 million members by bitcoin gulli board the end of 2018, the Indonesia Stock Exchange counts only.18 million registered members. Mohamed El-Erian, the chief economic adviser.
For him, the worlds most successful digital currency will emerge as a store of value, rather than a currency per. In our view, its intrinsic value must be zero, Stefan Hofrichter, the companys head of global economics and strategy, wrote on the companys website. You Might as Well go to Vegas.