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AAP Exclusive: Cramer Says The President is No Longer on the Side of the Bulls

Here is one question every investor should be asking about bitcoin

Investors should start asking plenty of questions when it comes to bitcoin, according to Mohamed El-Erian, chief economic adviser for Allianz. "The most important question is, what is being assumed at these levels?" he noted in an interview with TheStreet. "What's being assumed at these levels is major adoption of bitcoin by many institutions, by many individuals. I think that's an overreaction. I don't think bitcoins will get adopted simply because central banks are going to be very uncomfortable." That doesn't mean bitcoins disappear. "They play a very important function, but it's not the function that's priced in right now," he said. Bitcoin is up roughly 230% year-to-date, trading at $3,285.80, but has fallen some 22% over the past month. On Thursday, China regulators took measures to shut down bitcoin exchanges. More From TheStreet: Focus on These 3 Stock Sectors, Says Charles Schwab's Liz Ann Sonders Here Is Why Apple's New iPhone X Could Spark a $2 Trillion Market Cap The Weak Dollar Is the Basis for September Market Highs: Trading Strategies Jim Cramer on Apple, Universal Display, Micron, Nordstrom and Caterpillar
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