Allianz chief economist: Bitcoin’s price will drop to 1/3

The chief economist at Allianz thinks that the price of Bitcoin is much higher than it should be.

Speaking in the US on CNBC’s Squawk segment, Mohamed El-Erian said that Bitcoin’s current price of $ 3600

“The current price of Bitcoin is high as it is predicted that the crypto coin will be accepted by everyone. I don’t think governments will allow the amount of transactions that are currently priced in,” El Erian said in his speech.

Previously, J.P. Morgan CEO Dimon accused Bitcoin of being a fraud and digital currencies rapidly depreciated after that. Wolves don’t seem to accept Bitcoin easily.