Saturday, July 20, 2019

Donald Trump Considering Bitcoin Bull El-Erian for World Bank President

The President of the United States, Donald Trump, is reportedly considering famous Bitcoin optimist, Mohammed El-Erian for the position of World Bank President, according to Bloomberg.

The El-Erian Journey

Donald Trump is said to be considering a list of potential candidates for the position of World Bank President, with El-Erian and two other major candidates leading the line. David Malpass, Treasury Undersecretary looks like the favorite for the job, followed by Mohammed and the Senator Ted Cruz’s wife, Heidi Cruz.

Mohammed El-Erian is the present Chief Economic Adviser at one of the largest asset managers in the world, Allianz, where strong anti-bitcoin proponent, Andreas Utermann sits firmly as its boss. The mild scramble for a new World Bank president comes after Jim Yong Kim; former president announced his departure which is coming an earlier three years than earlier agreed. Nations part of the World Bank submits viable candidates, while the World Bank executive board settles on a shortlist of three and vote for president.

Bitcoin Agent in the World Bank

The present clamor buzzing gently among crypto enthusiasts is the prospect of having a vocal Bitcoin and cryptocurrency optimist become the president World Bank president—there just might be no better news (except for a sudden adoption of BTC the major currency in the US of course).

El-Erian has made his stance on digital currencies known for a long time, and his views have come in sharp contrast to his boss’ Utermann, who famously called for digital currencies to be outlawed. According to Utermann, CEO of Allianz, it just escapes his understanding why regulators haven’t “closed down hard on cryptocurrencies.”

Related Article:  VanEck Looks Forward to Bitcoin ETF Approval

It is important to note however that El-Erian is not particularly the conventional Bitcoin bull, and he has not shied away from being a wet blanket on even occasions when Bitcoin seemed like hitting the heavens like the Tower of Babel. During the productive 2017 crypto frenzy, for example, Mohammed said the $20,000 valuation of Bitcoin was an overprice and predicted a major correction not far away, which promptly happened in 2018. He has been careful of being an over-optimistic enthusiast of Bitcoin. He said concerning the adoption of BTC:

“What we’re getting is the realization that adoption is not going to be as big and as quick as the proponents of crypto would like. I think it’s going to be there, it’s going to last for a long time, it’s going to play a role in the ecosystem, but it’s not going to be the currency that a lot of proponents would like it to be.”

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