Bitcoin has officially become the largest bubble in the history of the world, surpassing the notorious "Tulip Mania," the speculative bubble that shook the Dutch economy when it collapsed in 1637.
Zero Hedge commemorated the historic moment on Tuesday, citing an updated version of a viral chart produced by the former Bridgewater analysts, Howard Wang and Robert Wu, at Convoy Investments. Here's what the chart looked like one month ago, showing Bitcoin behind only Tulip Mania in its dramatic increase in value:
Now, Bitcoin has claimed its place in history as its price has increased 17 times in just a year and 64 times in three years, according to Wang.
Here's the new chart via Zero Hedge:
While the results of Tulip Mania were devastating, Bitcoin believers argue that its historic rise in value doesn't mean it's going to collapse — at least not anytime soon. Those, like "crypto pioneer" Mike Novogratz, suggest the climb has only just begun.
"There will be wild crashes in it because you're going to get to levels so far ahead of where the technology's at," he said at a recent conference. Novogratz predicts Bitcoin will reach $40,000 by the end of next year.
When Bitcoin's value surged past $10,000 a couple of weeks ago, the world saw its first confirmed Bitcoin billionaires: Cameron and Tyler Winklevoss, the twins who famously sued Mark Zuckerberg for allegedly stealing their idea for Facebook. The Winklevoss twins (pictured below) invested $11 million into Bitcoin back in 2013; their investment's value is now over $1 billion — a 10,000 percent increase, The Verge notes.
Back when they made their initial investment in the cryptocurrency, Cameron rejected the idea that it was just a Ponzi scheme or a bubble. "At some point that narrative will shift to 'virtual currencies are here to stay,'" he told the New York Times. "We're in the early days."