Given the recent price surge, digital currencies have begun attracting a lot of attention from governments and financial institutions.
Recently, Allianz Chief Economic Advisor Mohamed El-Erian made his own statement on Bitcoin.
According to El-Erian, while Bitcoin may have attracted a lot of interest from investors and the general public, it still lacks the stability required by a currency.
A currency serves as a predictable store of value, and serves as a medium of exchange that’s pretty stable in value as well — bitcoin isn’t there yet, they’re still trying to find stability so it’s more of a commodity than it’s a currency.
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