Pretty much, yes (and I'm surprised you haven't heard the analogy before, it is as old as Bitcoin). Another example is the US dollar, whose value is entirely dependent on what a "greater fool" will give it. Without that "greater fool", it is just worth the piece of paper it's printed on. It is the same for Bitcoin and it is the same for tulips. That being said, I'd argue the US dollar and Bitcoin both have properties which make them much more desirable than tulips as a store of value or currency (tulips arguably have the greatest intrinsic value though!).