Allianz’s chief economic advisor, Mohamed El-Erian, says that the argument for investing in bitcoin has reached a pivot point. He sees more companies following Tesla’s example and embracing bitcoin as an investment vehicle as well as a form of payment.
Allianz’s Economic Advisor Says the Argument for Bitcoin Is Now Positive
Economist Mohamed El-Erian has highlighted key reasons for investing in bitcoin in an interview with CNBC last week. El-Erian, an Egyptian-American businessman, is President of Queens’ College, Cambridge University. He is also chief economic adviser at Allianz, the corporate parent of PIMCO, one of the largest investment managers, where he was CEO and co-chief investment officer.
“The argument for bitcoin is evolving. It used to be a negative argument,” the chief economic advisor described.
He elaborated that the reasons for investing in bitcoin used to be “You don’t trust the system, invest in bitcoin. You are afraid about inflation, about debasement, invest in bitcoin. Yields are too low on treasuries, put bitcoin in your ‘risk mitigation’ bucket.” El-Erian continued:
Now, suddenly, we have those reasons and Tesla says there are positive reasons: form of payment, investment vehicle. Now, that is the pivot.
He further asserted…