Cryptos don't have any underlying value, not even a tulip: RBI Governor

At the post policy meeting with media persons, Governor Das said, the investors who invest in cryptocurrencies should keep in mind that they are doing so at their own risk

Reiterating his long-standing position, Reserve Bank of India (RBI) Governor Shaktikanta Das on Thursday warned that private cryptocurrencies pose a big threat to India’s macroeconomic and financial stability.

At the post-policy meeting with the media, Governor Das said that investors who invest in cryptocurrencies should keep in mind that they were doing so at their own risk. Cryptocurrencies do not have any underlying, not even a tulip, he said. This was a reference to tulipmania, one of the famous market bubbles and crashes of all time, when speculation drove the value of tulip bulbs to extremes in the seventeenth century.

Private cryptocurrencies