The Tulipmania, we’ve all heard about it. It’s the argument being used every time anyone wants to debunk bitcoin as some new craze that will die down.
In the new Wall Street movie, Gordon Gecko explains to a young Sam how the bubbles really work.
Right now, it’s Bitcoin. But in the past we’ve had dotcom stocks, the 1929 crash, 19th-century railways and the South Sea Bubble of 1720. All these were compared by contemporaries to “tulip mania”, the Dutch financial craze for tulip bulbs in the 1630s. Bitcoin, according some sceptics, is “tulip mania 2.0”.
Why this lasting fixation on tulip mania? It certainly makes an exciting story, one that has become a byword for insanity in the markets. The same aspects of it are constantly repeated, whether by casual tweeters or in widely read economics textbooks by luminaries such as John Kenneth Galbraith.
So, yeah. Everyone uses that argument against bitcoin. It’s a tulip mania, or tulipomania, in proper Greek.
But did it even happen?
Guy Swann reads about the Tulip Fever:
Every #Bitcoin critic inevitably compares it to the “tulip madness” of the 1630s. But what if it’s all a massive exaggeration of a minor event, stemming from sensationalist media… ? “There Never Was a Real Tulip Fever” @BitcoinAudible Read #543 https://open.spotify.com/episode/0zfwjacQ5599PcJFnC6LjR?si=OgKsZnOVSQGd3fXfjgnHMg&dl_branch=1