Reminded of Dutch tulip craze, ECB’s Makhlouf won’t buy Bitcoin

European Central Bank governing council member The token blew through another milestone, surging past $50,000 for the first time on Tuesday, said he wouldn’t buy Bitcoin, comparing investment in the world’s largest cryptocurrency to the 17th century Netherlands tulip craze — which ended in collapse.

Bitcoin investors need to be prepared to “lose all their money,” Makhlouf said, repeating a warning from last month, though added he’s not advising people whether or not to invest in the digital currency.

“Personally, I wouldn’t put my money into it, but clearly, some people think it’s a good bet,” Makhlouf, who is also governor of Ireland’s central bank, said on Tuesday at a webinar in Dublin. He said while some view Bitcoin an investment, “three hundred years ago, people put money into tulips because they thought it was an investment.”