According to Bloomberg’s exchange-traded fund expert Eric Balchunas, bitcoin can no longer be compared to the “tulip bubble” because of its endurance and resilience over the years.
“I personally wouldn’t compare bitcoin to tulips, no matter how bad the sales are,” said A senior ETF analyst on Sunday.
Balchounas pointed out that the tulip market rose and fell in about three years, “punched and knocked in the face once,” but Bitcoin (BTC) “has come back to reach all-time highs like six to seven highmakers and survived for 17 years.”
“The endurance alone warrants shedding the Tulip comparison, let alone the fact that it’s still like 250% [over the] There was a 122 percent increase in the last three years and last year.
Some people just hate the asset and want to piss off the people who love it, and that will probably never change.
Earlier this month, “The Big Short” investor Michael Berry It is called This “tulip bulb of our time.” In 2017, JPMorgan CEO Jamie Dimon is famous said Bitcoin was “worse than a tulip bulb” and a “fraud”.
In three years the tulips were pumped and thrown away
Dutch tulip mania was a speculative frenzy in the Netherlands during the Dutch Golden Age. The tulip bulb, introduced to Europe from Turkey, became a status symbol among wealthy Dutch merchants.
Prices began to rise sharply in 1634 and reached a frenzy in 1636, when some rare tulip bulbs sold for more than the price of a house in Amsterdam. The market suddenly crashed in 1637 with the price rising more than 90 percent in a matter of weeks.
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Tulip Mania is often cited as one of the first recorded speculative bubbles in history, and gave rise to the famous pump and dump chart pattern.
Bitcoin and Tulips: A Bad Comparison
Balchunas continued by stating that all Bitcoin has done so far this year is give up last year’s extreme highs.
So even if 2025 ends in a flat or moderately down year, BTC is still operating at about 50% of its annual average. Assets are allowed to cool once in a while, even stocks, and people are “overdoing it,” he said.
The ETF expert also questioned arguments about Bitcoin being unproductive.
“Yes, Bitcoin and tulips are both non-productive assets. But so is gold, so is a Picasso painting, a rare stamp, would you compare them to tulips? Not all assets have to be productive to be valuable.”
Tulips were “marked by excitement and crashes,” and that was it. Bitcoin is a “different animal”.
Gary Krug, head of strategy at German bitcoin treasury company Affinio, agreesaying, “Bubbles go through multiple cycles, regulatory battles, geopolitical tensions, haloings, exchange failures and still don’t bounce back to new highs.”
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