近期比特幣走勢相對弱勢，在十月初創下歷史新高 12.6 萬美元後一度崩跌 36%，不少批評者認為，比特幣就像當時的鬱金香狂熱，可能在暴跌後一去不復返，但彭博社分析師 Eric Balchunas 以一張極具時代感的鬱金香價格圖來解釋，為何他不會將比特幣與鬱金香相提並論。
Eric Balchunas：比特幣和鬱金香狂熱不同
彭博社分析師 Eric Balchunas 以一張極具時代感的鬱金香價格圖來解釋，為何他不會將比特幣與鬱金香相提並論。
鬱金香在短短三年內暴漲暴跌，就像被一記重拳擊中後就被 KO 了。而比特幣經歷了六七次重擊後依然能夠重回歷史高位，並且已經存活了 17 年。單憑其持久性就足以將其與鬱金香劃清界限，更何況比特幣在過去三年中仍然上漲了約 250%，去年也上漲了 122%。
回顧比特幣過去一年的表現，實際上 (至少到目前為止) 它只是擺脫了去年的極端漲幅。去年它上漲了122%，所以，即使 2025 年比特幣最終表現平平或略有下跌，它仍然保持著大約 50%的年漲幅。
Here’s why I personally would not compare bitcoin to tulips (no matter how bad the selloff). Tulips rose and collapsed in like 3yrs. Punched once in face and KO’d. Bitcoin has comeback from like 6-7 haymakers to reach ATHs and has survived 17yrs. The endurance alone warrants… pic.twitter.com/uUhUjxyh2M
— Eric Balchunas (@EricBalchunas) December 6, 2025
黃金和比特幣同為非生產性資產，有人就是討厭 BTC
有人會提及，比特幣和鬱金香都是非生產性資產。但 Balchunas 反擊，黃金、畢卡索的畫作、稀有郵票也是非生產性資產，但多數人都不會將它們和鬱金香相提並論！他認為，並非所有資產都必須「具有生產性」才有價值。比特幣作為一種非生產性資產，就像黃金或藝術品一樣，其價值源自於稀缺性和持久性，而不是收益。這些批評者的偏見助長了持續的爭論，而不是客觀的分析。
但即便拋開這一點，鬱金香也只是經歷了狂熱和崩盤，但並沒有消息失。而且鬱金香泡沫催生了荷蘭的全球花卉產業，鬱金香產業的出口產值在花卉出口中具有高度象徵性與代表性，也成為其其觀光亮點之一。
Balchunas 認為主要的問題在於，有些人就是討厭比特幣，他們想要激怒那些喜歡它的人，而這種情況可能永遠不會改變。
這篇文章 比特幣不是鬱金香！彭博分析師：17年韌性足以劃清界線 最早出現於 鏈新聞 ABMedia。
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