Torsten Dennin - From Tulips to Bitcoins: A History of Fortunes Made and Lost in Commodity Markets

As piercing as a crime story, From Tulips to Bitcoins guides us through the boom and bust cycles of commodity and crypto markets.

FRANK MEYER, Journalist, n-tv

Being a historian, I loved Torstens insight into some of the most well-known (and less well-known) events that have shaped the commodities sector. I would thoroughly recommend From Tulips to Bitcoins to those wanting a better understanding of what makes commodities markets tick.

ANDREW THAKE, Content Director, Mines and Money

This book is a real enrichment for private and institutional investors, who are interested in commodities. Torsten Dennin shows a pattern in history and it is wise to read this book very carefully.

JOCHEN STAIGER, Chief Executive Officer, Swiss Resource Capital

I have been looking forward to this book! The historical events are intriguing and so fantastically concentrated!

THOMAS REHMET, Chief Operating Officer and Founding Partner, Bloxolid

From economic ups to downs in oil, flowers, food, and metal markets, whether caused by a human error, wars, or a natural disaster, this book drives you through the financial storms of the past 400 years. Despite the stormy weather, there is always someone who wants to catch an opportunity even in the deepest crisis. Some succeed; some obviously fail. From Tulips to Bitcoins is a definite must-read.

DR. ALEXANDER YAKUBCHUK, Chief Operating Officer and Exploration Director, Orsu Metals Corporation

Torsten is a true student of the market, and his detailed account of major boom and bust cycles over time is a reminder that all of us are still students.

DANIEL BREEZE, Managing Director and Head of Region, BMO Capital Markets

The phrase boom and bust is often associated with paper gains and cash losses, but Torstens book demystifies this phrase. He navigates readers through a thrilling ride, explaining what it actually means and identifying the opportunities it presents.

GREG HARRIS, Executive Director, CIBC World Markets

Fantastic read. This will become the definite standard!

RONALD-PETER STFERLE, Managing Partner and Fund Manager, Incrementum AG

Success and failure are closely related in commodity and crypto markets. Dennin succeeds in bringing together the economic facts and the persons involved. From Tulips to Bitcoins is an exciting read for anyone interested in commodities and cryptos.

CHRISTIAN ANGERMEYER, Founder, Apeiron Investment Group

Regardless of whether its 300 years ago or today, the capital markets continue to attract fortune hunters seeking to ride the big bubbles. Every few years, investors and speculators who should have learned from the past seem to be brutally reeducated. Greed and fear will continue to dominate the investment markets. In From Tulips to Bitcoin, Dennin has impressively summarized the big bubbles of the last few centuries. This is an exciting and instructive book for the seasoned investor or anyone who wants to become one.

HANNES HUSTER, Managing Director, Goldreport

Torsten provides an informed and interesting perspective on several financial speculations throughout the last few hundred years. This history does not become boring in its repetition.

MARK BURRIDGE, Managing Partner and Fund Manager, Baker Steel Capital Managers

Torsten Dennin has written a must-read for anyone interested in commodity and cryptocurrency markets. Read this bookand learn from the past.

DR. JAN PETER FIRNGES, Berlin Institute of Finance, Innovation and Digitalization e.V.

The fate of Bitcoin will be known to us only in the future. However, I think that the Internet of Things will not be possible without cryptocurrencies. We cannot foresee if we will have an e-franc or another means of payment; we even do not know today.

DOLFI MLLER, Mayor of Zug, Switzerland (20072018)

An imposing and captivating journey through the history of commodities and their exaggerations. True to this day. Brilliant!

BJRN JESCH

Financial markets in general and commodity markets especially have a long-dated history of stages of exceptional excitement followed by stages of deep depression. I find From Tulips to Bitcoins, written by my good friend and long-time colleague, Torsten Dennin, very valuable and interesting.

MARCEL HOFFMANN, Managing Director, Deutsche Bank AG

A fascinating look behind the scenes of conspicuous price movements on commodity markets, this book is not only interesting for investors!

OLIVER FREY, Portfolio Manager, Union Investment

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher and author are not engaged in rendering legal, accounting, or other professional services. Nothing herein shall create an attorney-client relationship, and nothing herein shall constitute legal advice or a solicitation to offer legal advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.

Published by River Grove Books
Austin, TX
www.rivergrovebooks.com

Copyright 2019 Torsten Dennin

All rights reserved.

Thank you for purchasing an authorized edition of this book and for complying with copyright law. No part of this book may be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording, or otherwise, without written permission from the copyright holder.

Distributed by River Grove Books

Design and composition by Greenleaf Book Group
Cover design by Greenleaf Book Group
Cover images by borchee, slubjug, and Vjom. Copyright 2019.
Used under license from iStockPhoto.com.

Publishers Cataloging-in-Publication data is available.

Print ISBN: 978-1-63299-227-7

eBook ISBN: 978-1-63299-228-4

First Edition

To Alina

The Wheel of Time turns and, Ages come and pass, leaving memories that become legend. Legend fades to myth, and even myth is long forgotten when the Age that gave it birth comes again.

Robert Jordan (19482007), The Wheel of Time

Wall Street people learn nothing and forget everything [...] to give way to hope, fear and greed.

Benjamin Graham (18941976)

by Jochen Staiger, CEO of Swiss Resource Capital

by Thomas Rehmet, COO of Bloxolid

In the Netherlands in the 17th century, tulips become a status symbol for the prosperous new upper class. Margin trading of the flower bulbs, which are weighed in gold, turns conservative businessmen into reckless gamblers who risk their homes and fortunes. In 1637 the bubble bursts.