• Mohamed El-Erian, chief economic advisor at Allianz, said bitcoin would be a buy if the price falls below $5,000.
  • The cryptocurrency was trading around $5,850 Friday morning, representing about a 70 percent drop from the peak it reached in late 2017.
  • El-Erian sees bitcoin emerging as more of a tradeable commodity than a currency, though he thinks blockchain, the technology behind cryptos, is here to stay.

After tumbling some 70 percent from its peak, bitcoin is reaching a point where even an authority like Mohamed El-Erian thinks it could be a buy.

The chief economic advisor at Allianz, considered one of the most influential financial market thinkers in the world, said Friday that the cryptocurrency would be worth considering if it falls before $5,000. Bitcoin was trading around $5,870 as El-Erian made his remarks on CNBC's "Squawk Box."