Bitcoin buries the tulip myth after 17 years of proven resilience: Balchunas

Eric Balchunas, Bloomberg's exchange-traded fund expert, asserts that Bitcoin can no longer be compared to the historical Tulip Bubble due to its proven resilience over 17 years. He contrasts Bitcoin, which has survived multiple severe sell-offs to reach new highs, with the tulip market, which collapsed completely after only about three years. Balchunas noted that Bitcoin is still significantly up over the past few years, suggesting current price drops are merely assets cooling off. He also dismissed the argument that Bitcoin is non-productive, pointing out that other valuable assets like gold and Picasso paintings are also non-productive. This view contrasts with critics like Michael Burry and Jamie Dimon, who have previously likened Bitcoin to the speculative frenzy of the 17th-century Dutch mania. Another expert, Garry Krug, supported this, stating that bubbles do not survive multiple cycles, regulatory battles, and geopolitical stress while still reaching new highs.

(Source：Cointelegraph)