The explosive rise in its value has now surpassed even the ‘tulip mania’ of the 17th century, when the flowers were at the centre of a huge financial bubble, The Times reports. During the tulip bubble, vast stretches of land and other traditional assets were traded for bulbs in a craze that lasted until its dramatic collapse in 1637. But the New Largest bitcoin miners company Convoy Investments has now shown the value of a bitcoin has grown more rapidly over the last three years than the price of a tulip did in the three years preceding the flower crash in the 17th century. Royal Bank of Scotland chairman Sir Howard Davies, meanwhile, warned in epic terms of a bleak future: ‘Put up the sign from Dante’s Inferno — “Abandon hope all ye who enter here” — I think that’s probably what’s needed.
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