'Only a few of the 6000 cryptocurrencies will survive,'raghuram rajan warns investors

New Delhi: Former Reserve Bank of India (RBI) Governor Raghuram Rajan has warned investors about cryptocurrencies. Comparing cryptocurrencies to chit-funds, he said that only a few of the nearly 6,000 cryptocurrencies operating in the world will exist in the near future.
The former Rbi governor compared the craze among people over cryptocurrencies to Tulip Mania  in the Netherlands during an event on Wednesday. Rajan said people mainly buy cryptocurrencies for two reasons. The first is that people expect their value to increase in the near future, and the second is that crypto-to-Payment can be made.
Raghuram Rajan, while talking to a TV channel, questioned whether people really need 6000 cryptocurrencies to make payments. Even if its technology is really useful enough to replace cash and currency, only one or two cryptocurrencies will survive due to payments. This shows that most cryptocurrencies will not survive.

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