In this episode of “Wait, That Actually Happened?” we explore Tulip Mania, the world’s first recorded financial bubble that gripped Holland from 1633 to 1637. During the Dutch Golden Age, tulip bulbs became so valuable that single bulbs sold for ten times a skilled worker’s annual salary, and people traded entire houses for just three rare bulbs. The market operated through taverns turned into flower exchanges, where merchants and craftsmen traded futures contracts on bulbs that hadn’t even grown yet, with some contracts changing hands ten times in a single day.

The bubble spectacularly burst in February 1637 when an auction in Haarlem failed to attract any bidders, triggering a panic that saw prices plummet 99 percent within days. While myths have exaggerated the economic impact, the verified history is strange enough: Amsterdam’s bankruptcies doubled, the government had to void contracts, and the most beautiful tulips, ironically made gorgeous by a virus, went extinct. The episode draws parallels to modern bubbles like cryptocurrency and NFTs, showing how the “greater fool theory” has driven human behavior for nearly 400 years, proving that financial madness isn’t new, it just updates its format.

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