A neat little section from "Layered Money", by Nik Bhatia, that I recently read;
"In reality, Bitcoin is nothing like the Dutch tulip mania. Bubbles don’t burst three times in a decade and come back stronger each resurgence, and the investing public is finally waking up to this fact. In 2020, some of the most legendary hedge fund investors of this generation, Paul Tudor-Jones and Stanley Druckenmiller, acknowledged ownership of BTC. Investment management powerhouses such as AllianceBernstein, Blackrock, and Fidelity Investments made public recommendations for clients to have BTC in their portfolios as a hedge against the devaluation or demise of government currencies. PayPal, the world's largest online payment processor, gave its 300 million global customers the ability to purchase BTC on its platform. It began to become clear to the investing community that denying Bitcoin's place in the future of money was like denying the Internet's place in the future of commerce in 1999. Internet stocks might have experienced a speculative price bubble at the turn of the twenty-first century, but the world's biggest publicly traded corporations today are Microsoft, Apple, Amazon, Alphabet (Google), and Facebook, which have generated trillions of dollars in market value thanks to the Internet."
Personally, I think it's very possible that NFTs could be the real tulip mania. Someone bought the NFT of the first ever tweet, by Jack Dorsey, for 2.9m, a while back. They just put it up for auction and were aiming for 48m. The highest bid was $280. If that NFT is not holding value, then how are cartoon pictures of monkeys going to hold value? I am yet to see the real value in this craze, but admittedly have not looked far into it, certainly not as far as I have into bitcoin.
"In reality, Bitcoin is nothing like the Dutch tulip mania. Bubbles don’t burst three times in a decade and come back stronger each resurgence, and the investing public is finally waking up to this fact. In 2020, some of the most legendary hedge fund investors of this generation, Paul Tudor-Jones and Stanley Druckenmiller, acknowledged ownership of BTC. Investment management powerhouses such as AllianceBernstein, Blackrock, and Fidelity Investments made public recommendations for clients to have BTC in their portfolios as a hedge against the devaluation or demise of government currencies. PayPal, the world's largest online payment processor, gave its 300 million global customers the ability to purchase BTC on its platform. It began to become clear to the investing community that denying Bitcoin's place in the future of money was like denying the Internet's place in the future of commerce in 1999. Internet stocks might have experienced a speculative price bubble at the turn of the twenty-first century, but the world's biggest publicly traded corporations today are Microsoft, Apple, Amazon, Alphabet (Google), and Facebook, which have generated trillions of dollars in market value thanks to the Internet."
Personally, I think it's very possible that NFTs could be the real tulip mania. Someone bought the NFT of the first ever tweet, by Jack Dorsey, for 2.9m, a while back. They just put it up for auction and were aiming for 48m. The highest bid was $280. If that NFT is not holding value, then how are cartoon pictures of monkeys going to hold value? I am yet to see the real value in this craze, but admittedly have not looked far into it, certainly not as far as I have into bitcoin.