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MicroStrategy’s Saylor Urging Allianz Chief Economist to Buy Bitcoin

By Alex Dovbnya
Wed, 15/01/2025 - 18:04
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 MicroStrategy’s Saylor Urging Allianz Chief Economist to Buy Bitcoin
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Michael Saylor, executive chairman at business intelligence firm MicroStrategy, recently urged Mohamed El-Erian, the chief economic adviser of Allianz, to buy Bitcoin. 

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During his recent appearance on CNBC, the former PIMCO boss stated that the recent economic data was "somewhat stronger" and "somewhat hotter" than initially anticipated. This has been a "consistent theme," according to El-Erian. 

The economist took aim at the Fed for being too dependent on the data. 

He also added that the Fed might be fine with inflation staying in the 2.5%-3% range, which is slightly above the oft-repeated 2% target.

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"Inflation expectations are stable. We don't have an inflation problem. We have an inflation issue relative to a 2% target," he said. 

He has warned that the Fed might actually hike rates if it is determined to reach the 2% target, which is not a preferable scenario. 

Bitcoin, on the other hand, has long been touted as a hedge against inflation due to its inherent scarcity. 

MicroStrategy recently announced its tenth consecutive Bitcoin purchase, bringing its total Bitcoin holdings to the 450,000 milestone.   

Back in 2021, El-Erian revealed that he purchased Bitcoin back in 2018 during a major market crash. However, he then ended up selling the cryptocurrency too early. 

In 2022, he predicted that Bitcoin would not be able to hit $200,000. 

The cryptocurrency is currently approaching the $100,000 level after recently dipping below $90,000 due to the Federal Reserve's hawkish U-turn. According to CoinGecko data, it is currently changing hands at $98,646. 

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