Renowned economist Mohamed El-Erian believes the crypto winter is over.
Speaking on CNBC’s Squawk Box, El-Erian shared his views on Bitcoin and the crypto money industry.
El-Erian believes the damage has been repaired.
The economist stated that he believes Bitcoin’s rise above $24,000 is due to the end of the crypto winter.
El-Erian said that with this rise, the so-called “crypto winter” is over and there is a good basis for going forward.
“A lot of people think that the crypto winter is now behind us; the damage has been absorbed, there has been a flushing out of excesses, and now we have a better base to go forward." – @elerianm on #Bitcoin pic.twitter.com/UhjKLyoytE
— Michael Saylor⚡️ (@saylor) July 22, 2022
Tesla Dumped Most of Bitcoins
Elon Musk’s company Tesla announced that it has sold 75% of its Bitcoins.
In a statement, Musk cited the economic uncertainties experienced due to quarantines in China, causing the sale of Bitcoins.
After Tesla’s statement, Bitcoin again fell below the $23,000 level.
The leading cryptocurrency is trading at $22,490 at the time of writing, according to CoinMarketCap data.
