Summary
- Eric Balchunas said it is wrong to compare Bitcoin to the tulip bubble, adding that Bitcoin has repeatedly reached record highs despite repeated sharp selloffs.
- He said Bitcoin is now fully integrated into the financial system and has become an asset class similar to gold.
- The comments came after Justin Bons criticized Bitcoin as a collective delusion of the masses, while Bitcoin traded at $62,567, down 2.99%%.
Forecast Trend Report by Period
As Bitcoin’s slump drags on and bearish commentary mounts, Bloomberg ETF analyst Eric Balchunas said comparisons between the cryptocurrency and the tulip bubble are misplaced.
On June 19, Balchunas wrote on X that criticizing Bitcoin is fair, but likening it to tulip mania is "totally inaccurate."
"Tulips crashed once after a few years of speculative frenzy and then disappeared," he wrote. "Bitcoin has survived around 10 major crashes over roughly 17 years" and has continued to hit new record highs.
He added that Bitcoin is now fully integrated into the financial system and, like it or not, has become an asset class similar to gold.
The comments were a rebuttal to Cyber Capital founder Justin Bons, who criticized Bitcoin as "a collective delusion of the masses." Bons argued that Bitcoin is not much different from tulip mania, the dot-com bubble or the subprime mortgage crisis, and said large-scale self-custody is not realistically possible.
As of 5:16 p.m., Bitcoin traded at $62,567, down 2.99% from a day earlier.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
