Bitcoin Is Starting to Look Like a Digital Tulip

It’s been a tough few weeks for holders of Bitcoin. Not long ago you could, with a little effort, make a reasonable case that it was a bit like gold. Digital gold.

Not so much in 2025. Sure, the price is up 390% over five years, but a few days ago it was off 16% in just six months. Things have picked up since then, but you’re still down 11%. Real gold on the other hand is hanging on. It’s up almost 60% over the past year and 24% in the last six months. Which is nice for long-term gold bugs like me.