Cryptocurrencies Will Survive Sell-Off, Allianz Top Adviser Says

Chief economic adviser at Allianz, Mohamed El-Erian, said this week that cryptocurrencies will survive the current massive sell-off due to the entry of institutional investors which is likely to lead to wider acceptance.

However, he added that despite being a part of the ecosystem, cryptocurrencies will not be dominant as some of the early adopters believed them to be.

The ex-PIMCO co-chief investment officer also clarified that cryptocurrencies are commodities, not currencies, and said that he was not surprised by the recent crypto-meltdown as it is merely the market going through its cycle.  

 

Source: Reuters

 

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