Michael Saylor, CEO of business intelligence company MicroStrategy, recently urge Mohamed El-Erian, Allianz's chief economic advisor, is buying Bitcoin.

During a recent appearance on CNBC, the former PIMCO chief stated that recent economic data was “somewhat stronger” and “somewhat hotter” than initially expected. This was a “consistent topic,” according to Al-Erian.

The economist targeted the Fed because it relies too heavily on data.

He also added that the Fed might be OK with inflation remaining in the 2.5%-3% range, slightly above its frequent 2% target.

He said, "Inflation expectations are stable. We do not have an inflation problem. We have an inflation problem relative to the 2% target."

He warned that the Fed may actually raise interest rates if it decides to reach the 2% target, which is an unfavorable scenario.

Bitcoin, on the other hand, has long been touted as a hedge against inflation due to its inherent scarcity.

MicroStrategy recently announced its tenth consecutive purchase of Bitcoin, bringing its total Bitcoin holdings to 450,000.

In 2021, El-Erian revealed that he bought Bitcoin in 2018 during a major market crash. However, he ended up selling the cryptocurrency too early.

In 2022, it is anticipation That Bitcoin will not be able to reach $200,000.

The cryptocurrency is currently approaching the $100,000 level after recently falling below $90,000 due to the Federal Reserve's hawkish shift. According to CoinGecko data, it is currently trading at $98,646.