Mohamed El-Erian, chief economic advisor at Allianz, told the New York "Consensus" conference yesterday that cryptocurrencies are here to stay. His positive outlook comes despite the prolonged slump that has blighted markets all year.
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We are seeing a rotation going on – retail is becoming more reasonable if you like. The exuberance is behind us, and institutions are starting to establish a foothold and that’s good long-term.
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“I think cryptocurrencies will exist, they will become more and more widespread, but they will be part of an ecosystem. They will not be dominant as some of the early adopters believed them to be,” he said.
El-Erian added that cryptocurrency would not replace money and that this had initially made him skeptical about Bitcoin. It was presented to him as a global currency, but he doesn’t feel it has the intrinsic attributes of a currency.
While believing it’s ‘not currency’, El-Erian was eventually won over by the technical aspects of Bitcoin and cryptocurrencies, and believes they will be sticking around:
I didn’t initially distinguish between cryptocurrency and the underlying technology. I treated it all as one. As I evolved … I learned in the process.
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Source: Bitcoinist.com
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ICN Aggregator: Cryptocurrencies Will Survive and Gain Wider Acceptance, Says Allianz Chief Economic Advisor
Fully agree with Mohamed El-Erian. A good and positive look at cryptocurrency in these difficult times.