The world of cryptocurrencies is still in its infancy and it sure has its own share of the unusual. Besides the 100X’s there’s also an unusual side to this emerging technology.
If we start at the beginning, it all begins with Satoshi Nakamoto, the creator of Bitcoin. Till date, there is no solid evidence of this person actually is. Some claim to be him, while some are wrongly considered to be him, but not a single soul has been able to identify the actual Satoshi.
One theory proposes that Satoshi might not be a person at all. Rather it is said that Satoshi might be a group of mega-corporations. The companies are said to be Samsung, Toshiba, Nakamichi, and Motorola. The starting letters of these names when put together by taking the “sa” from Samsung, “toshi” from Toshiba, “naka” from Nakamichi, and “moto” from Motorola turns out to be “Satoshi Nakamoto.”
This was just a part of the unusual ‘fictional’ side of the industry. But there are some instances that are much more real. One of these crazy theories was one that said Bitcoin’s price follows the price of Avocados. Strange as this might sound, there have been quite a few times when many traders have seen a close resemblance between the price chart of Bitcoin and Avocados.
This strange correlation between the world’s number one cryptocurrency and the exotic fruit was first pointed out by Bloomberg’s financial Journalist, Tracy Alloway. Earlier in April 2019, Alloway remarked that the prices of Avocados are closely following Bitcoin. She posted a chart from January to April which showcased the same:
This wasn’t taken too seriously by the crypto community until Petrit Selimi, Ex Foreign Minister of Kosovo, pointed out that the Avocado – Bitcoin price correlation dated back as much as June 2018.
This soon came into the limelight when another one of Bloomberg’s financial Journalist Joe Wiesenthal, noticed that the prices of Avocado and Bitcoin bore a striking resemblance. Wiesenthal tweeted:
This rabbit hole went deeper as Alloway posted another chart which saw both Bitcoin and Avocados dropping during the same period of time. She devised a funny tweet where she claimed that the Avocados had worked as a magical indicator and forewarned her of Bitcoin’s drop since June.
For a considerable period of time, it was seen that the Avocado pricing has been working as a better price indicator than most of the technical analysis tools out there. But this surely can’t be trusted as something one could bet their wealth on.
The community has come up with an absolutely logical answer for this phenomenon, Millennials. However strange it may sound, Millennials seem to have a thing for Avocados. Their love for Avocado toast was so intense that an index was developed by BBC, which showed how many Avocados one skips to save an average deposit for a house.
According to decrypt, It is quite evident that millennials love both Bitcoin and Avocado toast and that has caused the price of both to go up during the summer until they got bored with both of them.
There is however a completely different (and sane) reason for the prices of both the millennial favourites going up and down after all Avocados aren’t limited to 21 million. But it looks like the only sane explain here would be that this was all an amazing coincidence between two things that are miles apart. It’s either this or Bitcoin is secretly controlled by Avocados.