Still compare Bitcoin to the tulip bubble?

[ranaprime]

Crypto is still at an early stage, but with NFTs and DeFi, blockchain is obviously the future of fintech and not just a bubble. To compare Bitcoin (BTC) to the Dutch tulip bulb bubble is to perpetuate a fallacy. Technology evolves more rapidly than nature, and decentralized networks have more financial utility than a bouquet. Bitcoin is a technology, tulips are plants, and no discerning person would take the comparison much further.

Tulipmania, a 17th-century market bubble in which the price of the flower bulb increased due to speculation by Dutch investors, resulted in a major crash. Prices exceeded the average annual income of the time by six times. The rarest of bulbs became among the most expensive items on the planet.

Even though the Bitcoin network has been operating since 2009, its comparison with the tulip bubble continues ad nauseam. Last February, British economist and European Central Bank council member Gabriel Makhlouf, speaking of Bitcoin, reminded us tritely: “Three hundred years ago, people put money into tulips because they thought it was an investment.”source