In a recent conversation, Michael Saylor, head honcho at MicroStrategy – a company specializing in business analytics – suggested to Mohamed El-Erian, the top economic advisor at Allianz, that he consider investing in Bitcoin.
In a recent interview on CNBC, the ex-boss of PIMCO expressed that the latest economic figures were showing more strength and heat compared to initial expectations, a pattern he has observed consistently as per his statement.
The economist took aim at the Fed for being too dependent on the data.
He also mentioned that the Federal Reserve could potentially tolerate inflation rates between 2.5% and 3%, which is a bit higher than the frequently cited 2% benchmark.
He stated that our current inflation outlook remains steady, meaning we’re not currently grappling with an inflation problem per se. Instead, our challenge lies in ensuring inflation aligns more closely with our desired 2% target.
he’s made clear that the Federal Reserve could potentially increase interest rates if they aim to achieve their 2% goal, but this isn’t an ideal situation.
Bitcoin, conversely, is often praised for being a safeguard against inflation because it is naturally scarce in supply.
MicroStrategy has just made its tenth straight Bitcoin acquisition, now owning a total of 450,000 Bitcoins as a result.
In the year 2021, it was disclosed that El-Erian had bought Bitcoin as early as 2018 when a significant market downturn occurred. Unfortunately, he sold off his crypto holdings prematurely.
In 2022, he predicted that Bitcoin would not be able to hit $200,000.
Right now, the value of the cryptocurrency is getting close to $100,000 because it had dropped below $90,000 not long ago due to a shift in the Federal Reserve’s stance becoming more aggressive. Based on CoinGecko statistics, it is currently being traded at $98,646.
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2025-01-16 17:46