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Do we really need 6k cryptocurrencies? Only a handful will survive: Rajan
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business-standard.comFormer RBI governor Raghuram Rajan on Wednesday said only a "handful" of the 6,000-odd cryptocurrencies in existence today might survive going forward.
Comparing the craze in cryptocurrency with that of the tulip mania in the Netherlands in the 17th century, Rajan said people hold cryptocurrencies for two reasons -- store of value and an asset which might appreciate; and for use in payments.
"Do we really need 6,000 cryptocurrencies to do payments? One or two, may be a handful, that is going to survive to be used for payments even if the technology is so useful that it is a substitute for cash and currency...
"That would suggest that most cryptos are unlikely to survive with high values going forward," Rajan told CNBC-TV18.
The remarks
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