Summary
- Eric Balchunas said Bitcoin, unlike the tulip bubble, has rebounded from 6-7 declines and has consistently set new all-time highs.
- He emphasized that the recent Bitcoin price correction is difficult to directly link to bubble narratives.
- Regarding claims that Bitcoin is non-productive, he stated it has meaning as a global store of value, like gold and artworks.
Eric Balchunas, Bloomberg senior ETF analyst, rebutted views that compare Bitcoin (BTC) to the tulip boom.
According to crypto-focused media Coindoo on the 8th, Balchunas wrote on X (formerly Twitter), "The tulip bubble collapsed within a few years and never recovered," and "By contrast, Bitcoin has experienced 6-7 major declines over the past 17 years yet has continued to set new all-time highs." He emphasized, "This repeated recovery alone makes the tulip analogy meaningless."
He also said it is difficult to directly link the recent corrective trend to bubble narratives.
Regarding claims that Bitcoin is a non-productive asset, he countered, "Gold, artworks, rare collectibles, etc. are recognized as global stores of value even if they do not generate returns," asking, "So are gold or Picasso tulips too?"
He added, "The tulip bubble collapsed once and disappeared, but Bitcoin has gone through multiple price cycles and risen again," adding, "Putting the two on the same level is not appropriate in either a historical or economic context."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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