Bitcoin (BTC) and cryptocurrencies look nothing like the Tulip Mania of the 17th century even after their rapid gains, one macro investor says.
In a tweet on Feb. 15, Dan Tapeiro, co-founder of 10T Holdings, argued that in terms of price relative to average income, Bitcoin and Ether (ETH) still have a huge way to go before challenging tulips.
Bitcoin vs. tulips: There’s no comparison
Tulip Mania was a brief but intense speculative bubble in what is now the Netherlands that lasted only a matter of months between late 1636 and February 1637.
While only impacting a tiny section of the economy, at its height, a single pound of bulbs cost a reported 1,500 guilders — roughly equivalent to four years’ salary for a skilled carpenter. The implosion, which had unknown origins, caused a 90% price drop.
Bitcoin naysayers frequently compare bull runs in the cryptocurrency to Tulip Mania, arguing that the two assets’ “intrinsic value” are essentially all