RBI Governor Burns Cryptocurrency Speculators, Compares Crypto Assets to Tulip Bulbs in Value

Reserve Bank of India Governor Shaktikanta Das took a shot at it, saying that crypto asset speculations are much worse than tulip bubbles during the historic tulipmania. Investors in cryptocurrency should keep in mind that they are investing at their own risk, and these cryptocurrencies have no underlying, not even a tulip, according to the RBI governor, ostensibly referring to the 17th century tulipmania, when the price of tulip bulbs soared higher than the annual income of skilled workers at the time. At a news conference following the policy announcement, RBI Governor Carney stated that it is his responsibility to alert investors.