Most cryptocurrencies will not survive; pose same problem as unregulated chit funds: Raghuram Rajan
cnbctv18.comFormer RBI Governor Raghuram Rajan said of the 6000-odd cryptocurrencies in existence today, only one or two, or at most, only a handful would survive.“If things have value only because they because they will be pricier down the line, that’s a bubble,” Rajan told CNBC-TV18, “…a lot of cryptos have value only because there is a greater fool out there willing to buy.”He compared the current mania in cryptocurrencies to the tulip mania in Netherlands in 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.Rajan said that it was not as if cryptocurrencies had no value at all, just that most of them did not
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