Bitcoin’s sudden rise has people thinking about the ludicrous heights that tulips achieved in the Netherlands in the 1630s. At the peak of that bubble, a single tulip bulb could cost more than ten times a craftsman’s annual salary. While some of these prices were “justified” by market forces—the rarest breeds were enviable luxury goods—the speculation bore common tulips aloft too, raising their price 26 times in January 1637 before, a week later, it fell to one-twentieth of the peak price.
More here – The Atlantic
