As tweeted by crypto entrepreneur Jen Zhu Scott (not for the first time), there seems to be an undeniable link between the prices of BTC and avocados. But why should that be? And what does that mean?
In the United States alone, more than 21 million avocados will be eaten in the next hour. So it can not be. In fact, the US imports 1.7 billion pounds (over 750 million kg) of avocados from Mexico each year. Not to mention the berries that are home-grown in the country. Most of it is probably smeared on toast and eaten by millennials.
The missing link – Millennials?
So, could Millennials be the factor that unites Bitcoin and avocados? Certainly, their love for the avocado toast is so legendary that an index has been developed showing how many they would have to do without to save an average deposit on a house internationally. In case you were wondering how much that is, it ranges from 9 years for a house in Mexico City to up to 67 years for accommodation in London.
Are these also the Millennials who are pushing up the Bitcoin price?
Well, according to a Demographics CoinDance Bitcoin Community – maybe. 57.29% of Bitcoin community engagement comes from the Millennium Group of 18-34 year olds. In addition, 62.46% use the Chrome browser – more “Millenial” does not work.
But where are hearty Gene Z’ers who come out for brunch and buy Bitcoin while they munch? Or are BTC price hikes spurring on a more decadent morning purchase?
Either way, Trump wants your guacamole!
US President Donald J Trump announced this week new immigration measures against Mexico. From 10 June, there will be a 5% duty on all imports, increasing by 5% each month and reaching a maximum of 25% on 1 October. The US buys about 75% of its avocados from Mexico, which accounts for about 75% of the annual Mexican avocados.
While this may affect the purchasing power of Millennial’s avocado toast, it’s certainly good news for Bitcoin . As we’ve seen, Trump’s random shotgun approach to diplomacy has taken investors away from the dollar and right into our hands. Also, I think: Millennials would be better off only to buy Bitcoin – after all, you can not pay any house bail with Avocadotoast.
Categories: Crypto Currency