The name, âLucky Bamboo,â is a common name used to refer to the ornamental plant otherwise identified in scientific binomial nomenclature as Dracaena sanderiana or Dracaena braunii. We donât know exactly when and how the plant came to be known as Lucky Bamboo Tree, but its appearance is instructive; its cane stalks bear a striking resemblance to real bamboo stalks. The latter, though, belongs to a completely different family. As for the Lucky Bamboo tree, it has been hugely popular in Asian culture where it has been considered a symbol of good fortune for well over four millennia.