Everyone's favorite cryptocurrency Bitcoin was surging over 16% to roughly $3,757 Friday morning, after a rough week for the currency which sent its price lower by over 20%.
Friday's move higher comes despite speculation China would ban exchange trading of the cryptocurrency by the end of September.
Mohamed El-Erian, chief economic adviser for Allianz, told TheStreet in an interview that investors should now start asking plenty of questions when it comes to Bitcoin.
"The most important question is, what is being assumed at these levels," El-Erian said. 'What's being assumed at these levels is a 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."
Also not helping Bitcoin's case this week was a full on thrashing of its existence by JPMorgan JPM CEO Jamie Dimon.
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