Although the Chief Economic Advisor of Allianz, Mohamed El-Erian is confident that the crypto market can stand strong, he expects that the mother of all cryptocurrencies, Bitcoin (BTC) is unlikely to break the $100,000 price zone level and become a global reserve currency.
In fact, El-Erian believes that the price of crypto will never exceed $100,000 even if the authorities implement new regulations to encourage large companies to invest in the digital asset.
It is also understood that BTC once achieved its success in November 2021 by reaching the highest level of $70,000 as investors flocked to make a large amount of investment in the digital asset.
However, the crypto price made a drastic decline right after the crypto market crashed during unfavorable macroeconomic conditions.
Meanwhile, he is said to have been a strong holder of BTC due to buying the asset when its price was at $3,000 and continuing to sell it after it climbed to 19,000 in 2020.
On the other hand, Michael Saylor and co-head of Global FX Zak Pendl predict that BTC will climb to the level of $1 million because he thinks that the digital asset has its own uniqueness.
Meanwhile, Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone expects BTC to break through the $100,000 zone in the next five to ten years.
