Sentences with phrase «tulip bulb mania»
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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In an appearance at a separate conference earlier in the day, Dimon said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century.
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.