image source : businessinsider
Mohamed El-Erian the Ex ceo at pimco and the current chief economic adviser at Allianz in a discussion with CNBC , stated that..
"BITCOIN IS A DISRUPTIVE TECHNOLOGY BUT WILL NOT SEE WIDESPREAD USE."
Mohamed said that he thinks that the price is going to blow up because it cant be adopted at the current price it is at ,but can be used as a peer to peer currency since there are many more peer to peer currencies.
He thinks the price is overpriced and will eventually blow up but will not be allowed by the government at the current massive adoption that the price is taking it to be.
HE said...
"THE CURRENT PRICING ASSUMES MASSIVE ADOPTION AND I DO NOT THINK THAT THE GOVERNMENT WILL ALLOW IT."
When asked the price at which he finds it good for bitcoin to be priced at ,Mohamed said that at least half of the price that it is today should be considerable because of its peer to peer payment process strategies.
This comes after the harsh comment from Jamie Dimon of jp morgan where he tagged bitcoin as a fraudulent scheme and threatened to sack any of its employees who had anything to do with the cryptocurrency, you can read about that => here
What do you think of the statement of Mohamed El-erian , does bitcoin have no widespread use ? and is it overpriced ? : ) let us know in the comment section below.
resteem for more thoughts from people
Not sure if overpriced, it depends on usage. In my opinion bitcoin is representant of the new currency age. It won't be used in future, but it will introduce tons of people to decentralized financial market. A lot of people especially banisters are spreading rumors about bitcoin bubble etc. It all depends on people, how they decide to use it and if they believe in it as currency or investment asset.
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i dont think its a case of overprice but a case of demand vs supply. the demand is what pushes it up or down. with speculation on the rise people will reach for more in anticipation of making it rich fast.
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