The phrase "How Tulips Turned Into Gold" is often a reference to the famous Tulip Mania that occurred in the 17th century in the Netherlands.
During this period, tulip bulbs became incredibly valuable, reaching prices that were so inflated they were compared to gold. Here's how it happened:
Tulips were introduced to Europe from the Ottoman Empire in the late 1500s, and they quickly became a symbol of wealth and status in Dutch society
By the 1630s, the demand for tulip bulbs had surged, particularly for rare varieties like the “broken” tulips, whose petals displayed unique and striking colors.
This rarity fueled speculation, and a trading frenzy began. People started buying and selling tulip bulbs like commodities, using them as a form of investment.
At the peak of Tulip Mania, some single tulip bulbs were sold for the equivalent of the price of a house! However, this speculative bubble ultimately burst in 1637.
The market for tulip bulbs collapsed, leaving many people with worthless bulbs and causing widespread financial ruin. While tulips themselves didn't literally turn into gold, the frenzy surrounding them transformed them into an object of extreme value, albeit for a brief and unsustainable period.