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The chief economist of Allianz, Mohamed El-Erian, was speaking on the cryptocurrency market. He noting that the crypto market will make it through this market sell-off, as it is here to stay. However, he did firmly say that cryptocurrencies will not replace fiat money anytime soon.

He was quoted saying:

“Cryptocurrencies will exist. They will become more and more widespread, but they will be part of an ecosystem. They will not be dominant, as some of the early adopters believed them to be.”

El-Erian went on to add, that bitcoin cannot replace money because cryptocurrencies are not currencies they are commodities. “They don’t have the intrinsic attributes of a currency,” he noted. “It is not going to replace money.”