Mohamed El-Erian says volatility in the price of cryptocurrency is here to stay

Representation of Bitcoin cryptocurrency is seen in this illustration photo taken in Krakow, Poland on April 27, 2021. (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)
NurPhoto | NurPhoto | Getty Images

Large swings in the price of bitcoin and other digital coins aren't going anywhere, according to Allianz chief economic adviser Mohamed El-Erian.

"I think the volatility will continue," El-Erian said Monday on CNBC's "Squawk Box." "The roller coaster, the up and down. We've traded in the 30,000 to 44,000 price range in a week, that's enormous."

The price of cryptocurrencies tanked last week, with bitcoin losing roughly a third of its value in a matter of hours. By Monday, bitcoin had yet to recover all of those losses, trading near $37,000.

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