Top financial specialist says Bitcoin could end up like Tulip Mania
BITCOIN price warning issued as a top financial specialist says the Bitcoin bubble is the same as Tulip Mania, the first recorded financial bubble which happened in the 17th century.
Paul Donovan, the global chief economist at UBS has warned that Bitcoin is no less of a economic bubble by being on the futures exchanges.
Bloomberg have Tom Keene inquired as to whether Bitcoin has been legitimatised now that it is on the fates advertise.
Mr Donovan said: “No I don’t think they do. He also added.
“The similarity I always go back to is 1636, the city of Amsterdam, introduced a cash-based futures on tulip bulbs.
“It didn’t mean tulip bulbs were a decent investment, as was disproved in February 1637.”
Tulip Mania was a period in Holland in the 17th where contract prices for some tulip bulbs of the new and fashionable tulip reached abnormally high levels and then collapsed significantly. It is generally considered the first ever recorded speculative financial bubble.
The economist said it does not stop Bitcoin and the other crypto currencies being an economic bubble waiting to burst.
Most of the Wall Street enthusiasts and CEOs at corporations or central banks are saying that bitcoin is just another because they are afraid what blockchain and bitcoin could eventually do to this centralised game of their. I hope that more people will trust blockchain itself and we need more people that will educate them what that really is.
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