CNBC Squawk Box host Joe Kernen has recently admonished Allianz Chief Economic Adviser Mohammed El Erian to buy Bitcoin.
Bitcoin has come a long way from its niche libertarian roots to a $2 trillion asset standing at the door of mass adoption comparable to gold.
In perhaps the latest reminder of this, a clip showing a prominent CNBC show host nudging a renowned economist to adopt the asset over inflation concerns is making the rounds on the internet.
CNBC’s Joe Kernen Orange Pills Mohammed El Erian
CNBC Squawk Box host Joe Kernen has recently admonished Allianz Chief Economic Adviser Mohammed El Erian to buy Bitcoin.
In a clip shared by Bitcoin evangelist and MicroStrategy Chairman Michael Saylor on Wednesday, January 15, Kernen tells El Erian:
“You better buy some Bitcoin, Mohammed.”
You ₿etter Buy Some Bitcoin, Mohammed @JoeSquawk pic.twitter.com/5dqcomhTq6
— Michael Saylor⚡️ (@saylor) January 15, 2025
The clip is from a Thursday, January 9, Squawk Box episode that saw Kernen and El Erian go head-to-head over inflation concerns.
On the show, El Erian argued for a 2.5% to 3% inflation target over the Federal Reserve’s current 2% target. He contended that fixation on a 2% target would mean a further rate hike and unnecessarily send the economy into a recession, which could hamstring innovations that could secure the economy of tomorrow. This higher inflation target is something the economist has advocated for over the past few years.
CNBC‘s Kernen, on the other hand, forcefully challenged the idea of a 3% inflation target, noting that it could imply a 50% increase in dollar devaluation, which could significantly hurt purchasing power and savings.
However, El Erian argued that these issues could be navigated by stable inflation expectations. Kernen retorted by nudging the economist to buy Bitcoin in a nod to arguments that the digital asset’s fixed supply makes it a suitable hedge against inflation and currency devaluation.
Old Sparring Partners?
It is notably not the first time Kernen has nudged El Erian towards Bitcoin. Previously, in December 2023, the journalist gave the economist accolades for taking a more favorable outlook on the digital asset. This came as the economist seemingly anticipated Bitcoin’s Q4 rally that year.
Kernan established himself as a Bitcoin bull in 2019 when he championed Bitcoin’s value over Facebook’s now-defunct crypto project Libra.
El Erian, on the other hand, while not a detractor, has often taken a conservative outlook on Bitcoin. He infamously asserted in October 2022 that massive institutional adoption was never going to come for Bitcoin and that it would never hit the $100,000 price point, though, at the time, he also asserted that the crypto industry had staying power within the ecosystem of payment options.
Meanwhile, El Erian has admitted to holding Bitcoin in the past, buying around the 2018 lows of $3,000 but selling at a profit in late 2020 when the asset climbed back to $19,000. He told CNBC in November 2021 that he regretted this decision after Bitcoin hit highs of $69,000.
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