Due to their lack of viable uses, the tulip bubble of years gone by (1636 and 1637) has long been touted as the epitome of speculative phenomena. For those unaware, during the years 1636 and 1637, the value of tulip bulbs, which, of course, have no use in consumers’ day-to-day lives, exploded, rising parabolically from zilch to sky-high levels. Sound familiar?
Yes, but not really. While Bitcoin has seen a handful of parabolic rallies in its decade-long history, the most recent event of this kind, which took place in 2016 and 2017, saw BTC hit the mainstream for the first time. But many traditionalists didn’t take nicely to the cryptocurrency’s run from obscurity to world-renowned fame, quickly jumping on anti-Bitcoin bandwagons, touting the “modern tulip bulb” argument.
But this may be far from the case. As Twitter commentator Moon Capital recently noted, if BTC continues to see a bullish reversal, skeptics will be unable to claim Bitcoin is following directly in the footsteps of assets that surged, collapsed, and then dwindled to zero with time.
Tulip bubble starting to look a little strange #bitcoin pic.twitter.com/Ya7lJmhZRJ
— Moon Capital [