On MarketWatch.com we saw the following article:
In the article, it quotes Goldman Sachs analysts as saying, “We also believe that cryptocurrencies have moved beyond bubble levels in financial markets, and even beyond the levels seen during the Dutch ‘tulipmania’ between 1634 and early 1637.”
In addition to concerns about bitcoin, the article highlights cool charts that compare Ether to previous bubbles, as seen below.
We thought, if Goldman Sachs can play with numbers then why can’t we? So we decided to pit the price rise in Bitcoin from April 23, 2011 to April 9, 2013 with the price rise in Ethereum from January 11, 2017 to January 24, 2018. We just wanted to see the two periods back to back.
Playing with the numbers is fun because we picked a period that Goldman has chosen to overlook to compare Ethereum to. It turns out, if you don’t know the history of Bitcoin and other relevant bubbles, then you’ll miss the last time they probably got it wrong. The importance of this chart is that perspective matters.
We know that the bubble will bust at some point, the purpose of this piece is to demonstrate that what isn’t shown can be as important as what is shown.