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Tulip mania became a popular reference during the dot-com bubble of 1995–2001, [76] [79] and the subprime mortgage crisis of 2007–2010. [80] [81] In 2013, Nout Wellink, former president of the Dutch Central Bank, described Bitcoin as "worse than the tulip mania", adding, "At least then you got a tulip, now you get nothing."
Comparisons of bitcoin to the tulip mania of seventeenth-century Holland have been made by the vice-president of the European Central Bank, Vítor Constâncio [73] and by former president of the Dutch Central Bank, Nout Wellink. [74] In 2013, Wellink remarked, "This is worse than the tulip mania ...
Bitcoin price peaked on 17 Dec '17, then fell 45% on 22 Dec '17. The DJIA falls 18.78% during roughly the same period. Shanghai Composite dropped to a four-year low, escalating their economic downturn since the 2015 recession. [37] [38] 2020 stock market crash: 24 Feb 2020
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Jan Brueghel the Younger's A Satire of Tulip Mania (c. 1640) A card from the South Sea Bubble. The term "bubble", in reference to financial crisis, originated in the 1711–1720 British South Sea Bubble, and originally referred to the companies themselves, and their inflated stock, rather than to the crisis itself.
Bitcoin zoomed past $63,000 Thursday, putting it within striking distance of its all-time high of nearly $69,000 reached in November 2021. It was changing hands at about $62,220 early Friday.
Bitcoin and other cryptocurrencies experienced a solid recovery after Elon Musk met with leading Bitcoin mining companies to develop more sustainable and efficient Bitcoin mining. [42] After bottoming out on 19 July, by early September Bitcoin had reached $52,633.54 while Ethereum grew by over 100% to $3,952.13.
Bitcoin mania has fuelled a surge in fundraising by Chinese companies seeking to expand their cryptocurrency operations or move into the red-hot sector. From large listed companies tapping public ...