Bitcoin might be winning back favor in the public eye. Mohamed El-Erian, chief economic advisor at Allianz, called bitcoin a buy if its price falls below $5,000.
The highly volatile cryptocurrency made waves recently after falling 70 percent from its peak, when the price was near $20,000. But today it’s reaching a point where it might be worth considering again. It was trading around $5,870 as El-Erian made his statement on CNBC's “Squawk Box.”