Sentences with phrase «dutch tulip bulb»
Speaking to CNBC's Leslie Picker earlier this week, Citadel hedge fund founder and CEO Ken Griffin echoed the sentiments of JPMorgan CEO Jamie Dimon, likening Bitcoin to the historical «Dutch tulip bulb mania» in the 1600s.
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The People's Daily, the official newspaper of the Chinese Communist Party and the biggest newspaper group in China, recently published a piece calling bitcoin a bubble, and comparing the cryptocurrency to the 17th - century Dutch tulip bulb bubble., just like JP Morgan's Jamie Dimon did.
The People's Daily then compares the cryptocurrency to the Dutch tulip bulb bubble, implying bitcoin's bubble will burst once governments around the world start regulating it.
Bubbles from the past include the Dutch tulip bulb crash of 1637 and the dot.com tech stock meltdown in 2000 when millions of dollars was invested in new internet companies, many of which later collapsed.
Not exact matches
Needless to say, I become very uncomfortable anytime I hear the phrase «this time is different,» as we can be sure that participants in every bubble have believed the same, both before and after the Dutch speculators who hoarded tulip bulbs.
When tulip bulb prices became worth the equivalent of tens of thousands of dollars (in current values), many Dutch tulip speculators became fantastically wealthy.
Very soon, almost all classes of Dutch society were involved in tulip bulb speculation, with many trading all of their worldly possessions for a single tulip bulb.
Mackay's account of the Dutch tulip mania, in which people lost fortunes by bidding up the price of tulip bulbs to ridiculous levels, anticipates the recurrent cycles of boom and bust that have plagued nations» economies since his book was first published.
At the peak of the «Great Dutch Tulip Mania of 1637,» an event which is covered in The Confidence Game, the most desirable tulip bulbs commanded outrageous sums of money.
While Dimon acknowledges that bitcoin could reach $ 100,000, he also compares to the so - called Tulip mania phase of the Dutch Golden Age, in which excitement over tulip bulbs help make some varieties worth as much as a house in the 1630s.