RBI Deputy Governor T. Rabi Sankar has criticized Bitcoin, labeling it a speculative asset devoid of intrinsic value and likening its rise to the infamous 17th-century tulip mania. Sankar cautioned about the potential for a bubble in the Bitcoin market, reflecting ongoing skepticism from Indian financial authorities. Despite such warnings, India's cryptocurrency user base has surpassed 100 million, even under stringent tax regulations introduced in 2022. As the market continues to evolve, traders are increasingly focusing on altcoins, seeking new opportunities beyond Bitcoin.