As the first and primary cryptocurrency to exist, Bitcoin has witnessed different reactions and predictions in the industry. Its advancement over the past years has been above the growth of conventional assets. However, the recent bearish trend in the crypto market this year created doubts about the future of the token.
Recently, the Chief Economic Adviser at Allianz, Mohamed El-Erian, disclosed 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.
Further, El-Erian thinks the crypto sector will scale through the prevailing crypto winter. He noted that the crypto industry would also advance to become an important sector in payment systems.
El-Erian was responding in an interview with CNBC, where he described Bitcoin. He pointed out that as an innovative technological project, BTC hit its peak when the price reached $70K in Nov 2021. El-Erian noted the contributory factors for the surge of BTC, such as investors’ massive enthusiasm, over-production, and over-consumption.
On issues from crypto regulators, El-Erian believes that Bitcoin and the major altcoins will overcome them. He stated that performance might not dwindle with the right regulations in place. But the possibility of BTC hitting $100K or gaining huge institutional adoption is still uncertain.
Also, the chief economist noted that the crypto winter and unfavorable macroeconomic conditions impacted BTC’s advancement. But thankfully, there’s a gradual reinforcement in the crypto ecosystem now.
By that, El-Erian urges investors to appreciate the relative stability of Bitcoin. Moreover, recent movements in the market indicate that the crypto market has already had its worst bearish trend, which is almost over.
El-Erian has been a BTC holder before now. The economist brought the asset at $3,000 per token during the crypto winter of 2018. However, he sold off his holding in 2020 when BTC rose to $19,000 per coin.
The price prediction of Bitcoin hitting $100,000 per token is quite a huge milestone. However, some proponents strongly believed in the move. So, they forecast when BTC may reach the level and not if it will.
Michael Saylor, a BTC maximalist, believes that Bitcoin will perform brightly in the future and move toward $1 million. According to him, the token is different from others since no other network can compare to its security level.
In October, the Senior Commodity Strategist at Bloomberg Intelligence, Mike MaGlone, predicted BTC reaching $100K in 5 to 10 years.
Some predictions have also emerged from individuals outside the crypto industry. Zak Pendl, the co-founder of Global FX at Goldman Sachs, gave a similar forecast for the primary crypto asset.
However, at the time of writing, BTC price is trading at $20,297, indicating a drop of 0.72% over the past 24 hours.
Bitcoin price remains strong despite falling below $20,5000 l BTCUSDT on Tradingview.com
featured Image from Pixabay Charts by TradingView
Tags: bitcoinBTCUSDTGoldman sachsZak Pendl
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