ETF expert Eric Balchunas argued Bitcoin's 17-year track record and multiple recoveries make tulip mania comparisons obsolete despite recent criticism.
Bitcoin can no longer be compared to the “Tulip Bubble” due to its endurance and resilience over the years, according to Eric Balchunas, Bloomberg’s exchange-traded fund expert.
“I personally would not compare Bitcoin to tulips, no matter how bad the sell-off,” said the senior ETF analyst on Sunday.
Balchunas pointed out that the tulip market rose and collapsed in around three years, “punched once in the face and knocked out,” but Bitcoin (BTC) has “come back from like six to seven haymakers to reach all-time highs and has survived 17 years.”
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