Why Are Bitcoin and Avocado Prices Eerily Mirroring Each Other?
We’ve seen the correlation between avocado and bitcoin prices before. So do Trump’s new measures against Mexico indicate a ‘buy’ signal? Looking at Bitcoin/Avocado demographics, millennials may indeed be the key ingredient.
Avocados & Bitcoin – A Match Made In Heaven?
As tweeted by crypto-entrepreneur Jen Zhu Scott (and not for the first time), there does seem to be an undeniable link between the prices of BTC and Avocados. But why might that be? And what does it mean?
There will be more than 21 million avocados eaten in the next hour in the United States alone. So that can’t be it. In fact, the US imports 1.7 billion pounds (over 750 million kg) of avocados each year from Mexico. Not to mention the home-grown volume.
Most of this is probably smashed onto toast and eaten by Millennials.
The Missing Link – Millennials?
So could Millennials be the common factor that unites Bitcoin and avocados? Certainly, their love of avocado toast is so legendary that an index was developed to show how many they would have to skip in order to save an average deposit for a house internationally. In case you were wondering, it ranges from 9 years worth in Mexico City to 67 years worth in London.
Are these Millennials also the ones pushing up the bitcoin price?
Well according to the demographics of the Bitcoin community provided by CoinDance, maybe so.
57.29% of Bitcoin community engagement comes from the Millennial bracket of 18-34 years old. Also, 62.46% are using the Chrome browser, and it doesn’t get much more Millennial than that.
But are flush Gen-Z’ers popping out for brunch and buying bitcoin as they munch? Or do BTC price rises spur a more decadent morning purchase?
Either Way, Trump’s Gunning For Your Guac!
U.S. President, Donald J Trump, announced new immigration measures (?!?) against Mexico this week. Starting 10th June, there will be a 5% tariff on all imports, rising 5% each month to reach a maximum of 25% on October 1st.
The U.S. purchases around 75% of its avocados from Mexico, accounting for around 75% of Mexican avocados grown annually.
Whilst it may impact Millennial’s avocado toast purchasing power, it is surely good news for bitcoin. As we have seen, Trump’s random scattergun approach to diplomacy has driven investors away from the dollar and right into our hands.
Also, I can’t help but think Millennials would be better off buying just the bitcoin anyway. You can’t pay a house deposit with avocado toast.
Are millennials driving up prices of both avocado and bitcoin? Share your thoughts below!
Images via Shutterstock, Chart from Twitter:@tracyalloway, Coin.dance