[ad_1]
According to Mohamed El-Erian, Chief Economic Advisor of Allianz, he said that cryptocurrencies are here to stay. During a conversation at the "Consensus" conference in New York, it was very open on cryptocurrencies. The information was released by Reuters a few days ago.
Digital resources will grow in the future
During the conference organized by CoinDesk entitled "Consensus: Invest in New York", El-Erian said that virtual currencies will become widespread. However, he explained that the criptos will not be as dominant as many experts and analysts suggest.
By the way, the head of Allianz said:
"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 first people believed they were."
At the same time, he said he was optimistic about the future of space due to the growing interest of institutional investors. There are several companies that are working to develop institutional level platforms and meet the demand for new customers.
During the current year, Bitcoin (BTC) and most of the virtual currencies have been in a bear market. Most of them lost more than 70% of their price and some specific coins fell more than 95%. Although he remains positive about the future of space, he confessed that he did not have the intrinsic attributes of a currency and did not replace money.
On the current bear market, El-Erian said that this is very healthy for the market. Prices have skyrocketed in 2017 and at the start of 2018.
Regarding blockchain technology and virtual currencies, El-Erian said that at the beginning it did not distinguish between blockchain and criptos technology. However, since he was able to evolve, he learned in the process.
"Initially I did not distinguish between cryptocurrency and underlying technology, I treated everything as one, how I evolved … I learned in the process," he cited at the event.
Blockchain technology can be used not only for digital resources but also to improve many other areas in different sectors.
At the time of writing this article, most of the virtual currencies in the market are growing. A few days ago, the market reached the lows of the new year, in addition to Bitcoin and other digital currencies.
[ad_2]Source link
