The Rundown
Allianz’s chief economic advisor, Mohamed El-Erian, has called bitcoin a buying opportunity — if the market leader falls below $5000. Not everyone agrees, however, and the non-believers have come out in force.
‘You Might as Well go to Vegas’
Bitcoin was trading at roughly $5,870 when El-Erian told CNBC‘s “Squawk Box” that any price below $5,000 is a major buying opportunity — a sentiment surely shared by many others in the cryptocurrency space.
Plenty of non-believers have come out of the woodwork, however, to share their bearish views and negative sentiment — much of which would’ve been better served when cryptocurrencies were at their all-time highs, as opposed to fresh yearly lows.
For example, certified financial planner Douglass Boneparth told CNBC:
Regardless of where the price is, any investor should be cautious before investing. By and large, cryptocurrencies are speculative and should be treated as such. It’s cool, it’s in the news, it’s fresh, but it does not change the rules of the game.
Meanwhile, Priya Malani, a founding partner of Stash Wealth, agrees with the idea that the first and foremost cryptocurrency is little more than a speculative gamble, stating:
If you want to gamble with your money you might as well go to Vegas, it’s much more fun.
Of course, neither expert notes anything about Bitcoin’s fundamentals or developments — choosing, instead, to view it only as a trader on the outside.
‘Poised for a Strong Future’
Of course, not everyone is so negative in regards to Bitcoin 00. Many in the financial space recognize Bitcoin’s revolutionary technology and understand that the market leader is far from dead.
Still, investing in any cryptocurrency is admittedly risky and volatile — and to deny that is to illustrate ignorance. Noted the founder and executive chairman of Edelman Financial Services, Ric Edelman:
I believe that certain crypto assets, bitcoin and ethereum, are poised for a strong future. [But investors] have to stay very long-term focused and recognize that it’s still the Wild West. You have to treat it as lottery tickets, be prepared to lose what you invest.
What do you think about investing in Bitcoin right now? Are you bearish, or turning bullish? Let us know in the comments below!
Images courtesy of Shutterstock, Bitcoinist archives.
