Cryptocurrencies survive the current downtrend

At these bad times, when almost all cryptos are bleeding, everything could only be seen as negative. There are no good news for quite a long time. What is pleasing, however, is more and more people who know how to depict cryptocurrencies as part of the future.  

 

The Allianz Chief Economist sees cryptos as a commodity 

Cryptos survive this downtrend, because they will stay here in the future too. However, digital currencies do not replace fiat money from far away. Thus, the statement of one of Allianz's highest-ranking economists, Mohammed El-Eriana, could be summed up. El-Erian, however, does not think that Bitcoin will replace money because cryptos are commodities, not currencies. 

"The crypts will certainly survive. They will be further expanded in the world, but will only be part of the ecosystem. However, they will not be among the dominant finances, as some supporters would imagine. Since cryptos have no real value, they can not replace real money. " 

El-Erian has already said in September that the cryptos will certainly not disappear, and they are also not "dead," as many people would like. On the other hand, however, he said that in December last year, Bitcoin was very redeemed and $ 20,000 per Bitcoin was really too much. El-Erian estimated the $ 5,000 Bitcoin prize. 

 

Support also from the Digital Currency Group 

The founder of Digital Currency Group, Barry Silbert, claims that today's cryptocurrencies prices are an excellent option to buy. Silbert said that despite the fact that prices are moving primarily down (for about 11 months), blockchain technology is still advancing. Everything happens in a background that few people know. 

"What is happening in the background is remarkable in the act. New companies are trying to create infrastructure and prepare themselves for institutional investors to enter this sector. " 

 

Conclusion 

It's certainly not easy to look at the bleeding portfolio that has lost a few tenths of this year. However, it should be remembered that cryptos are still in full swing and the current situation will not be of interest to us at all for 10 years.