Bitcoin is NOT a currency: Financial chief hits out and says 'it’s a commodity'

Bitcoin is NOT a currency: Financial chief hits out and says 'it’s a commodity'
 

Mohamed El-Erian of German company Allianz insisted a currency normally serves as a store of value and they must be predictable and stable. 
Hitting out at the cryptocurrency, he said: “Bitcoin aren’t there yet, they’re still trying to find stability so it’s more of a commodity than it’s a currency.”
Mr El-Erian, former CEO of fixed-income firm PIMCO, had previously said in September bitcoin was overvalued. 
He believed  the price of bitcoin may reflect investors’ assumption that it would become widely adopted. At the time, El-Erian did not see this happening. 
Speaking to CNBC he echoed... read more

 
3 November 2017 in Business, Views: 43
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