Bitcoin SMASHES Tulip Mania: Cryptocurrency now 'biggest bubble world has EVER seen'
BITCOIN has become the biggest bubble in history and has surpassed the infamous Tulip Mania of 1634-1637, according to experts.
Tulip Mania refers to the period in the Dutch Golden Age where tulip bulbs reached incredibly high levels before collapsing in February 1637.
A month ago Convoy Investment released a chart showing all of the world’s largest bubbles, in which bitcoin was just second to Tulip Mania.
But a recent updated chart released shows Bitcoin has now surpassed Tulip Mania.
This is due to the price of Bitcoin exploding and currently sitting at $17,249.
Bitcoin well on its way to over $13000 expert says
Robert Wu, co-founder of Convoy, said bitcoin’s “price has now gone up over 17 times this year, 64 times over the last three years and superseded that of the Dutch Tulip’s climb over the same time frame”.
This event appears to have proven cryptocurrency pioneer Mike Novogratz right.
Mr Novogratz has previously said: “This is going to be the biggest bubble of our lifetimes.”
He also expects Bitcoin to hit $40,000 and for Ethereal to triple to $1,500.
He said: “Bitcoin could be at $40,000 at the end of 2018. It easily could.
"Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well."
William Mook, Bitcoin entrepreneur believes that even if the Bitcoin bubble does burst it will not be as damaging as the Tulip Mania bubble was and that the cryptocurrency would bounce back.
He said if Bitcoin did burst its value ”could not be permanently lost”.
Another bubble it has surpassed is the South Sea bubble. This occurred in 1720 when the South Sea Company a monopoly traded with South America.
Shares rose to 10 times their value and then the bubble burst and its stock crashed.
The whole country suffered a catastrophic loss of money and property.
