Cryptocurrency is likely to die a natural death with its lure ebbing fast as inflation leads to a rise in interest rates and people turn to other assets to invest in, a member of the Prime Minister's Economic Advisory Council (EAC) said.
âBecause of inflation, interest rates started to go up, so they (people) began to have other assets to invest in and people started pulling out of cryptocurrencies. I believe that crypto will die its own natural death, just as the tulip mania did as it is no longer attractive unless we again retreat to an extended zero interest rate regime in the advanced economies. It will become a non-issue,â PM-EAC part-time member Rakesh Mohan told Moneycontrol.
