Thursday, December 14, 2017

Biggest bubble in history? What you need to know about bitcoin - Bitcoin or Bitcon?

"Virtual currency bitcoin has officially become the largest bubble in history, eclipsing the notorious "Tulip Mania," the speculative bubble that shook the Dutch economy before it collapsed in 1637."

"Bitcoins value has surged by about 60 times in the last three years. That's faster than tulip bulbs in the 17th century, which at one point were worth ten years of a skilled craftsman's earnings. Back then prices were driven by greed or 'fear of missing out'. But as more people bought into the bulbs, quick profits, a flurry of sales collapsed the price, and left many with crippling debts. Bitcoin is being called the digital tulip of the 20th century, as the same pattern emerges. Fear of missing out and new investors piling in. Critics say the perceived value of the currency, like the tulip, is being conjured out of thin air. But the ever growing army of bitcoin believers say it's here to stay."

A lot of people like to call the rise of Bitcoin "Tulip Mania 2.0", comparing the proliferation of cryptocurrencies like Bitcoin to the speculative bubble that developed around tulip bulbs in Holland in the 1600s. In this video, I'll be discussing the prices that Bitcoin might reach if it really does resemble the original "tulip mania". - Louis Thomas

Tulip Mania 2.0: If Bitcoin Price ACTUALLY Resembled Tulip Bulbs...

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