Tulip Fever vs Cryptocurrency Mania

I just returned from watching the film, "Tulip Fever" which utilizes the tulip bulb frenzy that occurred in places like Amsterdam in the 1600s as a backdrop for a story that involves greed, passion, lust, and infidelity. For those of you who may not know, tulip bulbs were all the rage in Europe in the 1600s due to their rarity. Futures markets were created in which people often paid several months wages for tulip bulbs that would rise in value each week.

While watching the film, I couldn't help but think about the parallels between tulip fever and cryptocurrency mania. While virtual currencies such as bitcoin have been around since 2009, the real excitement surrounding the tokens occurred this year between March and August (up until the Chinese ban on ICOs and the rumors that continue to prevail regarding the Chinese government possibly banning the sale/purchase of cryptocurrencies in general).

The European government caused the end of tulip fever/mania by banning the trading of tulip bulbs back in the 1637. We all want to believe that bitcoin, ethereum, litecoin, OMG, NEO, etc... are completely decentralized, but they, too, could become worthless if more governments choose to ban the exchanges that we've become reliant upon for profiting off the value of these virtual currencies.

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