More Than a Meme? Bitcoin Tops $100K as the McRib Returns
The post More Than a Meme? Bitcoin Tops $100K as the McRib Returns appeared on BitcoinEthereumNews.com.
BBQ sauce, pickles, onions, and pork: A day after McDonald’s fan-favorite McRib sandwich returned to U.S. restaurants, Bitcoin’s price topped $100,000 for the first time ever. Were these ingredients (plus a dash of dextrose sugar) necessary to cement Bitcoin’s record-setting climb? Maybe, probably not, but the unusual correlation between the sandwich’s availability and financial market strength hit the spot Wednesday. The irony wasn’t lost on McDonald’s Senior Marketing Director Guillaume Huin, who wrote on X (formerly known as Twitter) that Bitcoin’s jump past $100,000 “the exact day McRib is back is fucking hilarious.” (According to McDonald’s official website, “McRib SZN” officially started in America Tuesday.) Bitcoin reaching 100K the exact day McRib is back is fucking hilarious. — Guillaume Huin (@HuinGuillaume) December 5, 2024 For an industry with an insatiable hunger for memes, crypto watchers have honed in on the McRib’s supposed power to move markets for years. As spot Bitcoin ETF anticipation in October last year, Bitcoin’s price indeed rose from $28,000 to $35,400 with the sauce-slathered menu item returning to the U.S., a bullish bounce envisioned by some analysts. The correlation between the McRib’s reintroduction and Bitcoin gains may be tantalizing, but the trend is far from bulletproof. In 2018 and 2022, the saucy sandwich’s return preceded a steep decline in Bitcoin’s price to $3,250 and $15,500, respectively. The McRib exited the golden arches as a permanent menu item in 2005, and since then, its return has been tied to favorable market conditions outside crypto as well. Based on data from 2010 to 2023, the S&P 500 had a higher daily return when the savory sandwich was available, according to an X post shared by Ritholtz Wealth Management COO Nick Maggiulli. Maggiulli did not immediately respond to a request for comment from Decrypt. The McRib made its American…
Filed under: News - @ December 6, 2024 9:21 pm