{"id":179959,"date":"2021-08-27T23:00:39","date_gmt":"2021-08-27T17:30:39","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=179959"},"modified":"2021-08-27T19:26:50","modified_gmt":"2021-08-27T13:56:50","slug":"former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\/","title":{"rendered":"Former IMF exec: &#8216;I am not going to say Bitcoin is going to implode tomorrow&#8217;"},"content":{"rendered":"<p>The Indian central bank has always been particularly wary of the cryptocurrency industry. According to former Reserve Bank of India Governor Raghuram Rajan, however, cryptos definitely have a &#8220;potential future.&#8221;<\/p>\n<p><a href=\"https:\/\/www.reuters.com\/world\/india\/central-banks-should-not-mandate-green-investments-raghuram-rajan-2021-08-26\/\">Speaking<\/a> at the Reuters Global Markets Forum, the economist opined that while cryptocurrencies have highly fluctuating values, they might be useful as means of payment in the coming time. As expected, the former bank exec lent more support to the idea of well-regulated stablecoins, with Rajan adding that these assets should have quick, appropriate regulations.<\/p>\n<p>It&#8217;s worth noting, however, that the former IMF Chief Economist did not seem to fully understand the drivers behind recent crypto valuations. According to Rajan, market optimism and favorable monetary policies have definitely played a part in the same.<\/p>\n<blockquote><p>&#8220;Right now, in this heady environment with asset prices really picking up, many cryptos are also being valued \u2014 not so much as a means of payments \u2014 but as assets in their own right.&#8221;<\/p><\/blockquote>\n<p>Despite the larger market risks such as price volatility, cryptos can find use cases to back its frequent price surges, he said. According to Rajan, a crypto&#8217;s intrinsic value remains in its usefulness.<\/p>\n<blockquote><p>\u201cI think the value of cryptos has to be seen more in terms of are they going to be useful in the system going forward. Yes, some of them have value because they have value, and maybe that will persist. I&#8217;m not going to say that Bitcoin is going to implode tomorrow.&#8221;<\/p><\/blockquote>\n<p>He added,<\/p>\n<blockquote><p>&#8220;But I will say that I would be much more confident about the value of these cryptos once they find proper use cases, and the technology is evolving to make that happen.&#8221;<\/p><\/blockquote>\n<p>According to reports by <a href=\"http:\/\/ambcrypto.com\/bitcoin-adoption-is-skyrocketing-in-asian-countries-but-why\/\">Gemini<\/a> and <a href=\"https:\/\/blog.chainalysis.com\/reports\/2021-global-crypto-adoption-index\">Chainalysis<\/a>, India is one of the top countries in the world when it comes to cryptocurrency adoption. While many use it for remittance payments, several others have found it to be a valuable investment tool. Many youngsters, along with those who have been excluded from traditional financial markets, consider it to be an easy investment alternative.<\/p>\n<p>Nevertheless, Rajan&#8217;s comments are in stark contrast to what the present leadership at the RBI believes. The bank has repeatedly <a href=\"http:\/\/ambcrypto.com\/time-for-indias-cbdc-is-near-but-why-is-the-rbi-keeping-bitcoin-at-bay\/\">called for a ban<\/a> on all private cryptocurrencies while espousing those backed by the state. Meanwhile, India\u2019s crypto-regulation bill is currently <a href=\"http:\/\/ambcrypto.com\/india-may-see-the-crypto-bill-discussion-in-monsoon-session-of-parliament\/\">awaiting<\/a> cabinet approval. A high-level inter-ministerial committee had previously submitted a report calling for a ban on all cryptocurrencies except for <a href=\"http:\/\/ambcrypto.com\/india-might-launch-its-cbdc-model-by-december-2021-but-heres-the-problem\/\">CBDCs<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indian central bank has always been particularly wary of the cryptocurrency industry. According to former Reserve Bank of India Governor Raghuram Rajan, however, cryptos definitely have a &#8220;potential future.&#8221; Speaking at the Reuters Global Markets Forum, the economist opined that while cryptocurrencies have highly fluctuating values, they might be useful as means of payment<a href=\"https:\/\/ambcrypto.com\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\/\">Continue reading <span class=\"sr-only\">&#8220;Former IMF exec: &#8216;I am not going to say Bitcoin is going to implode tomorrow&#8217;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":44,"featured_media":179983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[44,66,3,4,20],"tags":[],"class_list":["post-179959","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Former IMF exec: &#039;I am not going to say Bitcoin is going to implode tomorrow&#039; - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Speaking at the Reuters Global Markets Forum, the economist opined that while cryptocurrencies have highly fluctuating values, they might...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former IMF exec: &#039;I am not going to say Bitcoin is going to implode tomorrow&#039; - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"The Indian central bank has always been particularly wary of the cryptocurrency industry. According to former Reserve Bank of India Governor Raghuram\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-27T17:30:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/08\/euro-5094279_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anjali Jain\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/AnjaliJain97\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anjali Jain\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\\\/\"},\"author\":{\"name\":\"Anjali Jain\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/21c87f0f09bee16fdab29a84b20a4a3b\"},\"headline\":\"Former IMF exec: &#8216;I am not going to say Bitcoin is going to implode tomorrow&#8217;\",\"datePublished\":\"2021-08-27T17:30:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\\\/\"},\"wordCount\":421,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/euro-5094279_1280.jpg\",\"articleSection\":[\"Global News\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\\\/#respond\"]}],\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/former-imf-exec-i-am-not-going-to-say-bitcoin-is-going-to-implode-tomorrow\\\/\",\"name\":\"Former IMF exec: 'I am not going to say Bitcoin is going to implode tomorrow' - 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