Bitcoin has survived 17 years and cannot be compared to tulip bubbles. Eric Balchunas and Garry Krug discuss the reasons why the resilience of crypto is making critics wrong.
Bitcoin keeps making its opponents wrong. The cryptocurrency is trading at an average of about 89,000, although it has experienced volatility in the recent past. Those who draw parallels between it and tulip mania fail to carefully consider an important aspect. Tulips failed after 3 years. Bitcoin has survived almost twenty years.
**You might also like:**Novogratz: $8 Billion Coinbase Valuation Proves Cryptos Are Not Tulips
Why Bitcoin’s Durability Destroys Bubble Narratives
Tulip mania lasted from 1634 to 1637. Prices skyrocketed and crashed by nearly 90 percent. The Dutch economy experienced a speculative boom and bust. It was soon terminated and never came back.
The story of Bitcoin is a different one. The cryptocurrency survived numerous obstacles. It emerged intact from regulatory raids and exchange crashes. Market cycles came and went. Bitcoin continued to recover in a bigger way.
The Asset Critics Love to Hate
Balchunas responded to enduring criticism. There are those who just hate Bitcoin. They desire to make followers angry. These opponents are rewriting old stories, rather than looking into facts.
The performance of Bitcoin says it all. Even a flat 2025 would not take away its course. The cryptocurrency justified itself with recurring rebounds. Such resilience is never exhibited in traditional bubbles.
Krug stressed the youthfulness of Bitcoin as a currency. The previous seventeen years proved something significant. Durability is more important than short-term volatility. Physical resources hold and multiply.
Breaking Free From Misconceptions
The argument of non-productive assets fails, too. Gold doesn’t produce returns. Rare art sits in museums. Bitcoin resembles stores of valuable wealth. It was legitimate by living on, unlike tulips.
Critics defy accumulated evidence. Balchunas observed that the fact that Bitcoin survived is in itself an object of admiration. The Bitcoin endured hardships never witnessed before. No bubble in history displayed such staying power.
The criticism is not perpetuated because it is true, as Krug on X remarks. They have been in place since the recognition of the success of Bitcoin demands challenging realities. Seventeen years of evidence do not support bubble stories.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin spot ETF saw a net outflow of $349 million yesterday, with none of the twelve ETFs experiencing net inflows.
On March 7th, Bitcoin spot ETFs experienced a total net outflow of $349 million, with none of the twelve ETFs showing net inflows. Fidelity FBTC and BlackRock IBIT had net outflows of $159 million and $143 million respectively. Currently, the total net asset value of Bitcoin spot ETFs is $87.075 billion.
GateNews2m ago
I am a father of two children, and I bought two bitcoins for them.
A father shared on Reddit that due to concerns about war, inflation, and AI replacing jobs, he chose to buy 2 Bitcoins for his two sons in hopes of breaking the cycle of poverty and providing security for his children. He admitted that this is not out of greed, but out of love and responsibility for the future, and encouraged other parents to work together to create a better future for their children.
動區BlockTempo16m ago
The whale "pension-usdt.eth" has increased its Bitcoin long position to 1,000 coins, with a holding value of nearly $67 million.
Gate News Report, March 8 — According to HyperInsight monitoring, the swing whale "pension-usdt.eth" continued to increase its Bitcoin long positions this morning. As of press time, its Bitcoin long positions have increased to over 1,000 coins, with a holding value of nearly $67 million, currently with an unrealized loss of $460,000.
GateNews59m ago
Crude oil prices break through $90! A weekly surge of 35%. Middle Eastern energy supply chain disruption, UAE and Kuwait announce production cuts
Oil tanker flows through the Strait of Hormuz are nearly at a standstill, causing U.S. WTI crude oil prices to surge 35% within a week. Taiwan's CPC is about to raise gasoline prices by 1.5 yuan. Multiple oil-producing countries have initiated production cuts to respond to supply shocks. If the blockade continues, oil prices could reach $150, impacting the global economy and inflation pressures.
動區BlockTempo1h ago
