Cryptocurrencies Will Survive and Gain Wider Acceptance, Says Allianz Chief Economic Advisor43.66

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.

In fact, El-Erian thinks the recent meltdown was a predictable part of the cycle, and even healthy for the market. The increased demand for crypto which pushed bitcoin prices towards $20,000, in turn, spurred an oversupply, resulting in the current sell-off.

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