Eric Balchunas, a senior ETF analyst at Bloomberg, has publicly declared that Bitcoin can no longer be validly compared to the historic "Tulip Bubble," citing its 17-year track record of resilience and recovery. In a social media statement, Balchunas argued that while the Dutch tulip mania market rose and collapsed within about three years, Bitcoin has "come back from like six to seven haymakers to reach all-time highs and has survived 17 years."
He emphasized that Bitcoin's endurance alone warrants shedding the tulip comparison, noting the cryptocurrency is still up approximately 250% over the past three years and was up 122% last year. Balchunas framed Bitcoin as a non-productive asset akin to gold, fine art, or rare stamps, asserting that "non-productive" does not mean worthless. This perspective directly counters recent criticisms from figures like investor Michael Burry and JPMorgan CEO Jamie Dimon, who have historically labeled Bitcoin a fraudulent bubble.
The analyst also addressed current market conditions, suggesting that even if 2025 ends flat or moderately down, Bitcoin would still be operating at around 50% of its annual average, and that assets are allowed to cool off. His commentary reinforces a shifting narrative for Bitcoin, from a speculative gamble to a durable macro asset with growing institutional acceptance and deep liquidity, strengthening its perceived legitimacy as a long-term store of value.
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