Bloomberg analyst Eric Balchunas stated that there is a fundamental difference between Bitcoin and the tulip bubble.

First, let's look at the market dynamics behind the analyst's view.

The analyst's judgment is also related to some deep changes in the current Bitcoin market:

• Deepening institutionalization process: Despite market volatility, the demand for Bitcoin from institutions has not disappeared. For example, some financial institution executives pointed out that large publicly traded companies are incorporating Bitcoin into their balance sheet strategies, and major financial companies (such as Charles Schwab and JPMorgan) are also preparing to launch new retail and structured products related to Bitcoin, indicating a deeper institutionalization process.

• Historical pullback perspective: When the market experiences significant pullbacks (for example, when Bitcoin's price drops from a high at the end of 2025), some analyses suggest that this aligns with typical patterns in Bitcoin's history. It is reported that in past market cycles, Bitcoin has experienced over 20 pullbacks exceeding 30%, so the recent decline can be viewed as 'normal behavior' for such a highly volatile asset.

Another voice to understand at the moment.

It is worth noting that there has always been skepticism about Bitcoin in the market, claiming similarities to the tulip bubble. These views are mainly based on:

• High price volatility: Critics believe that Bitcoin's price fluctuations are severe, making it more like a high-risk speculative asset rather than a stable store of value.

• Practicality and consensus issues: Some believe that the actual application scope of Bitcoin is still limited, and its value heavily relies on an ever-evolving market consensus, which may change in the future.

Conclusion

In summary, Bloomberg analysts believe that there is a fundamental difference between Bitcoin and the tulip bubble, mainly based on Bitcoin's technical support, algorithmically guaranteed scarcity, a mature global market structure, and long-term viability. Although risks such as high price volatility still exist, this positioning is more inclined to view Bitcoin as a new type of asset class with technological innovation rather than a purely speculative bubble.