Bitcoin: El Erian points to a key risk that could bring down the BTC By Investing.com

Bitcoin: El Erian points to a key risk that could bring down the BTC By Investing.com

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Cryptomonnaies 6 hours ago (16/02/2021 15:46)

Investing.com – In an interview with CNN in which he warned of a possible market crash, Allianz Chief Economist Mohamed El Erian also addressed the issue of Bitcoin.

He said that the continued rise of Bitcoin does not depend so much on its adoption, but on whether « the official sector will allow it to continue ». He thus stressed the main risk facing cryptomoney, namely regulation.

Indeed, the legislation surrounding the trading, investment and use of cryptoskills is still unclear, and the more their price and popularity increases, the more likely it is that governments will put new rules in place.

It is worth noting, for example, that India is just about to pass a law banning private cryptomoney altogether, a move that would have a cataclysmic impact on cryptomoney if it were emulated in Europe or the United States.

With his words, El Erian thus reminds us that governments and regulators can at any time decide to put obstacles in the way of the cryptomatics industry.

However, El Erian felt that on the private side, more companies are likely to follow the lead of the electric car manufacturer Tesla (NASDAQ:), which recently made headlines by investing in cryptography and plans to accept it as a means of payment.

These companies « don’t know how else to mitigate risk, » he said, saying that « it’s part of the distortion of financial markets that we see more generally ».

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Bitcoin: El Erian points to a key risk that could bring down the BTC By Investing.com
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