Bitcoin Is Not Tulip Mania, Bloomberg Analyst Balchunas Says: 17-Year Track Record Demonstrates Real Resilience

Bloomberg’s Senior ETF Analyst Eric Balchunas argues that comparing Bitcoin to the 17th‑century Tulip Mania is misguided. He notes the tulip bubble endured about three years and collapsed, whereas Bitcoin has persisted for roughly 17 years and weathered multiple cycles.

Balchunas highlights that Bitcoin gained roughly 250% over the past three years and surged 122% last year. He characterizes the current pullback as a retracement of the prior year’s excess, not a structural reversal.

Even if the asset stalls in 2025, Balchunas argues that the long‑run outlook remains robust, with a long‑term annualized return near 50% according to his framework.

He also notes that the shared trait with tulips lies only in viewing non-productive assets as stores of value; unlike the tulip mania, gold, art, and other non-productive assets have long been priced as enduring wealth, while Bitcoin sits in a distinct category.