Bitcoin isn’t necessarily a new concept. The 1600s had their own version of it that you may have briefly heard in “Wall Street: Money Never Sleeps.” Tulips became such a commodity that it was valued higher than the average coin. Here are 5 ways tulips became the bitcoin in the 1600s.
One Tulip Was Worth at Least $25,000
At the height of Tulip Mania, one Semper Augustus tulip was worth 150 florins. In today’s money that’s over $25,000. A lower-class family would be able to build a home, acquire some food, and clothing for years to come if they lived below their means.
People Traded Their Homes for Under a Dozen Tulips
One of the rarest tulips was the diseased tulips that looked like a candy cane (mixed with white petals and red stripes). Someone traded their home for 10 of these bulbs. However, the market declined a year later, he was homeless.
It Was a Dog Eat Dog for Botanists
Botanists tried to get their hands on different bulbs and cross-breed them. However, this went for naught because a single bulb can take 7-12 years to grow. By the time they had tulips ready, the bubble burst.
A Sailor Was Jailed for Eating a Bulb
Apparently, he thought it was an onion. However, it was a tulip and these are poisonous in their bulb form. The merchant chased the sailor down and had him imprisoned. He ended up losing a fortune in the time it took the sailor to eat the bulb.
“Tulip Mania” Is A Metaphor for Economic Bubble
We’ve seen it a few times in recent times. One of the interesting things was the Beanie Babies of the late 90s. The prices skyrocketed on eBay when the internet just started getting popular in the average home.