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Most existing cryptocurrencies won't survive, says Raghuram Rajan
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moneycontrol.comFormer Reserve Bank of India (RBI) governor Raghuram Rajan believes that out of the 6,000-odd cryptocurrencies in existence today, most will perish.
Only one or two, or at most a handful, would survive, Rajan said. “If things have value only because they will be pricier down the line, that’s a bubble,” he told CNBC-TV18. “…A lot of cryptos have value only because there is a greater fool out there willing to buy.”
Rajan compared the current fad in cryptocurrencies to the tulip mania in Netherlands of the 17th century. “Cryptos may pose the same problem as unregulated chit funds, which take money from people and go bust, a lot of people holding crypto assets are going to be aggrieved,” he said.
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