Bitcoin has outpaced the fleeting flattery of tulip mania, having enjoyed the company of the earth for seventeen years. Eric Balchunas and Garry Krug ponder why crypto’s enduring charm renders the naysayers embarrassingly incorrect.
Bitcoin, that dear old chap, continues to show us that he’s the last laugh in the comedy club of cryptocurrencies. Presently, he’s charming the market highs and lows, sauntering about at approximately an average of 89,000 of the local tender-oh, not without occasional shivers and shakes. Now, anyone bold enough to draw a long-stem from Bitcoin to tulips is guilty of a terrible miscalculation. Those bulbous beauties parachuted into oblivion after mere three years, you see. In contrast, our beloved digital gentleman has smiled through the calendar pages for nearly two decades.
On the elaborate stage of social media X, Eric Balchunas, the ever-watchful senior ETF analyst of Bloomberg, declared with a twinkle in his eye that likening these two is as sensible as teaching a fish to tap dance. Aye, Bitcoin has endured-as many as six or seven grand slumps, he states! And verily, with each stumble, new vertiginous peaks were scaled. It’s not uncommon for him to swashbuckle up by 250% in the space of a trio of years. A mere glance at 2024, and one observes a spectacular tide of 122%.
Source: Eric Balchunas
You might also want to wave hello to: Novogratz: “$8 Billion Coinbase” Shows Crypto is Not Your Garden-variety Tulips.
Why Bitcoin’s Elasticity Turns the Bubble Bore’s Tales Upside Down
Tulip mania, bless its heart, a tale from 1634 to 1637, a dazzling romance of prices rising to kiss the sky, only to plummet by some 90%-a true speculative love-sick ballad. The Dutch kowtowed to a boom and bust that had the economy doing pirouettes, swift and finite. Alas, never to return for an encore.
Our good friend Bitcoin’s plot, however, is far from a tragedy; more a comedic turn, jam-packed with adventures! He’s danced through tempests sharper than a satire-regulatory crackdowns, exchange mayhem, all sorts of cyclical jabberwockies-and emerged from each scene with a more splendid bowtie.
Source: Garry Krug
The estimable Garry Krug, the head-strategist dude at Aifinyo, chimed in on X, sharing thoughts sharper than his tailored suits. He proclaimed bubbles as beings without spirits; they aren’t built for endurance, especially not against the pull of geopolitical stress or the dreaded cuts. Yet, Bitcoin repeatedly bounces back, suave as ever, in true asset fashion.
The Asset with a Troll under its Cryptographic Bridge
Balchunas, when called upon to address the everlasting critiques-with an air of affectionate chagrin, mind you-suggested that some detractors appear to be fond of the adversary. They grasp at straws, desperately reinventing old yarns about tulip woes, when the evidence sits just below the surface.
Bitcoin’s continued performance is the soiree’s star attraction. Even a lull year such as 2025 would merely detract, never derail Bitcoin’s enduring show of resilience-a truly remarkable display of brio, unmatched by the tepid waltz of former bubbles.
Krug, taking a swanschase at age, noted the spirited debutant life of Bitcoin. The past seventeen years have penned a saga of significant longevity. True stability has proven more valuable than the mercurial highs and lows, and Bitcoin-a young lad compared to other asset hoarders keeps on multiplying his coins, much to the chagrin of naysayers.
A Tap Dance Away From Misconceptions
Critics scratching their heads at Bitcoin’s waltz around traditional values. Gold doesn’t earn its keep, and rare art is content to bask in the silent halls of museums. Bitcoin, on the contrary, bears the hallmarks of a modern, digital Harold Guppy, sans jacket and tie.
The evidence which scorns the assumptions persists. Balchunas mused that witnessing Bitcoin endure is akin to watching a Herculean epic unfold. He suffered, from what humans might construe as insurmountable torments. No bubble in history, dear readers, has possessed such a robust constitution.
Krug jovially noted on X, with a degree of amusement, that this neverending bubbling frustration isn’t borne of truth. Ever since the success of Bitcoin defied the easy dismissal, critics have been destitute of facts. The seventeen years of batting averages lay unflinchingly against the bubble narratives.
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2025-12-08 09:40