Bloomberg Analyst: Bitcoin's 17-Year Resilience Proves It's Not a Tulip Mania Asset

According to MarsBit, on December 7, Bloomberg senior ETF analyst Eric Balchunas stated that comparing Bitcoin to the 17th-century Tulip Mania is inappropriate. He noted that the tulip bubble lasted only three years and was eliminated after a single crash, while Bitcoin has repeatedly hit new highs after six to seven major crashes over the past 17 years. Bitcoin still rose about 250% in the past three years and surged 122% in 2024. The current decline is more like a correction from last year's overbought levels. Even if Bitcoin remains flat or slightly down in 2025, its long-term average annual return would still be around 50%. Balchunas emphasized that the only commonality between Bitcoin and tulips is that they are 'non-productive assets,' but gold, Picasso paintings, and rare stamps are also non-productive yet seen as long-term value assets. The Tulip Mania was a one-time speculative frenzy followed by a crash, while Bitcoin clearly belongs to a different asset class.