One of the most notable financial analysts, which is used by many institutional investors, believes that bitcoin can not be called a currency.

Mohamed El-Erian said in an interview with CNBC that currencies usually serve as a repository for value, but that they must be predictable and stable to work effectively as a means of exchange.

El-Erian, who is currently the chief economic adviser to the German financial institution Allianz, believes that:.

Bitcoin has not yet become a currency, it is still trying to find stability, therefore it is more a commodity than a currency.

Earlier, former CEO and chief investment officer at PIMCO El-Erian said that bitcoin is overrated, and the price of it confirms the point of view of those who believe that it is really capable of gaining popularity among the broad masses of the population. In September, however, he stated that this would not happen.

On Thursday, he again confirmed his opinion on this: those who invest in bitcoin expect that central banks and institutional institutions will soon recognize bitcoin, but this may not happen.

El-Erian said that he is most worried by the fact that the current price for bitcoin, which is largely formed due to the expectations of widespread distribution of this crypto currency, may not coincide with what will happen in reality.

Investors in bitcoin should ask themselves a simple question: "How much does the current price for this asset show how much it can be claimed in the future?".

El-Erian is not the first who believes that bitcoin is not a currency, but a commodity. Earlier, the Governor of the Bank of Korea made a similar statement, as well as the US Commission on Trade in Commodity Futures in 2015.