Famous economist Mohamed El-Erian explains that he did not sell Bitcoin (BTC), one of his crypto money investments a few years ago, before the price reached $ 60,000. Details cryptocoin.com‘in.
Mohamed El-Erian: I invested in medium-term cryptocurrencies
El-Erian, the former chairman of Barack Obama’s Global Development Council, said he bought Bitcoin around $3,000 in the winter of 2018 after the crypto rally in 2017. The famous economist later announced that he kept his Bitcoin position until 2020 and switched from Bitcoin to the dollar after his ATH of $ 19,000 in 2019. Right after El-Erian exited the cryptocurrency market, the Bitcoin price exploded and never looked back, rallying around 250%.
Two key factors trigger the rally
When asked what triggers the Bitcoin rally, the economist counts two factors. According to El-Erian, one of them is that small and large investors turn to cryptocurrencies to protect themselves from rising inflation. He also thinks that the launch of multiple futures-based exchange-traded funds is also effective. In addition to the crypto market events announced, Bitcoin has gone through a major network upgrade. While these fundamental factors strengthen the position of Bitcoin and the crypto market, altcoins remain more volatile than traditional financial instruments. Ripple, Ethereum and even Bitcoin lost more than half of their value in the past months when China announced its pressure on the cryptocurrency market.
Famous economist explains when he wants to return to Bitcoin market
El-Erian replied to this question “after a period of correction”. Just like the market where he made his first purchases, he considers it appropriate to enter when short-term traders or speculators leave the market due to negative price movements. According to the economist, we can say that Bitcoin and cryptocurrencies in general are based on solid foundations. According to him, Bitcoin has the fundamental technological revolution that can grow in the long run. Finally, Mohamed thinks that while he remains a cryptocurrency evangelist and believes in technology in general, it will surpass the world as a global means of payment and will not rival the dollar, especially in times of hyperinflation.
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