Bitcoin’s remarkable ability to bounce back from market crashes has silenced critics who once compared it to the infamous Tulip Mania. Eric Balchunas, Bloomberg’s senior ETF analyst, firmly rejects the notion that Bitcoin is simply a modern-day version of the 17th-century tulip bubble. The cryptocurrency, currently priced at $89,453, has endured countless market cycles, proving its resilience and long-term value.
Tulip mania, which lasted from 1634 to 1637, saw tulip bulbs skyrocket in value before their prices plummeted by over 90%. Balchunas highlighted the stark difference between the short-lived tulip bubble and Bitcoin’s journey, which has spanned 17 years. Unlike tulips, Bitcoin has recovered from numerous “haymakers” and continues to reach new all-time highs.
Here's why I personally would not compare bitcoin to tulips (no matter how bad the selloff). Tulips rose and collapsed in like 3yrs. Punched once in face and KO'd. Bitcoin has comeback from like 6-7 haymakers to reach ATHs and has survived 17yrs. The endurance alone warrants… pic.twitter.com/uUhUjxyh2M
— Eric Balchunas (@EricBalchunas) December 6, 2025
Bitcoin’s Remarkable Resilience Sets It Apart from Historical Speculative Bubbles
Despite significant price fluctuations, Bitcoin’s performance has far outpaced expectations. Over the past three years, Bitcoin’s value has surged by 250%, and it increased by 122% in 2024 alone. According to Balchunas, even if Bitcoin experiences a flat or slightly negative year in 2025, its overall growth trajectory remains impressive. Unlike the rapid rise and fall of tulips, Bitcoin has consistently proven its staying power.
Balchunas also pushed back against the argument that Bitcoin is a non-productive asset, likening it to other valuable but non-productive assets like gold or rare art. While tulips were driven by irrational excitement and a brief period of speculative madness, Bitcoin has earned its place as a stable asset through years of resilience.
Echoing Balchunas’s sentiment, Garry Krug, head of strategy at the German Bitcoin treasury company Aifinyo, argued that true bubbles cannot survive regulatory challenges, market crashes, or exchange failures. Bitcoin has proven time and again that it is no fleeting speculative trend.
As Bitcoin continues to gain value and credibility, it remains clear that it is no mere bubble. Instead, it stands as a testament to endurance, defying the critics and outlasting historical comparisons.