Bitcoin Optimist El- Erian May be Trump Finalist for World Bank President

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

According to Bloomberg, Mohamed El-Erian is one of several candidates that Trump has shortlisted for the job of World Bank president.

The 60-year-old El-Erian currently serves as a chief economic adviser at Allianz, where his views on bitcoin have sharply diverged from those of his boss, Allianz CEO Andreas Utermann.

While Utermann has argued that regulators should “outlaw” cryptocurrency, El-Erian has called bitcoin a “disruptive” technology that could play a major role in the future of peer-to-peer transactions.

He warned that cryptocurrency investors had massively overvalued bitcoin, pricing in mass adoption much more rapidly than was feasible.

The current pricing assumes massive adoption, and I don’t think governments will allow the amount of adoption that’s currently priced in.

That forecast came true, and 2018 proved to be an incredibly difficult year to be a crypto bull. El-Erian maintained his $5,000 bitcoin price target as the crypto market cratered, stating that it was a buy below that mark and had a role to play in the fintech sector.

What we’re getting is the realization that adoption is not going to be as big and as quick as the proponents of crypto would like. I think it’s going to be there, it’s going to last for a long time, it’s going to play a role in the ecosystem, but it’s not going to be the currency that a lot of proponents would like it to be.

Already, the World Bank settled a $73 million bond on an Ethereum-based blockchain, an offering that the organization billed as the “world’s first public blockchain bond.” That’s a drop in the bucket compared to the $50 billion+ in bonds that the bank issues annually, but it represents an important milestone toward the integration of crypto technology into mainstream finance.

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