UBS Chief Economist Compares Bitcoin to Tulip Mania

The chief economist for financial services giant UBS came out against bitcoin and cryptocurrencies in a big way on Twitter last week.

In a series of tweets on Nov. 1 and 2, UBS global chief economist Paul Donovan compared bitcoin to the Netherland’s 1637 tulip crisis, the Weimar Republic’s hyperinflation and PetSmart. His remarks came after derivatives powerhouse CME Group revealed its intention to list a bitcoin futures contract later this year.

Donovan’s most forceful objection to bitcoin came from the tulip analogy: […]

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