- The famed McRib sandwich from McDonald’s is making a comeback, leading to unusual market speculations.
- Some analysts have highlighted a perceived correlation between the McRib’s availability and Bitcoin’s price movements.
- While most agree this correlation is tenuous at best, it’s an amusing reflection of the crypto industry’s meme-driven nature.
As the McRib returns, financial experts playfully debate its impact on Bitcoin’s price, shedding light on crypto market dynamics and the power of memes in influencing perceptions.
Unearthing the McRib-Bitcoin Relationship
McDonald’s strategy of periodically reintroducing the McRib as a limited-time offering has long been the subject of speculation. But a novel angle has emerged: its influence on global asset prices, including Bitcoin. Nick Magguilli of Ritholtz Wealth Management noted a minute 0.04% higher average daily return in the S&P 500 during the McRib’s availability. While clearly whimsical and far from causative, the crypto community’s penchant for memes makes this theory an interesting talking point.
Dissecting Bitcoin’s Performance During McRib Seasons
Since 2016, the relaunch of the McRib has seen varied reactions in the Bitcoin market. The cryptocurrency experienced significant price hikes post-McRib launches in 2016, 2017, 2020, and 2021, with returns after the 2017 and 2021 reintroductions notably surpassing 200%. These peaks notably aligned with the bull runs in those years. However, in years like 2018 and 2022, Bitcoin’s price took a dip post the McRib’s reintroduction, with notable lows in the subsequent weeks. CoinGlass data also indicates that while Bitcoin has consistently performed well in October, its November and December performances have been more unpredictable over the years.
McRib Analysis or Market Boredom?
The increasing attention to the McRib-Bitcoin correlation might be less about the actual relationship and more indicative of the current state of the market. Ben Lily of Jarvis Labs suggests that the focus on such a tenuous link might stem from a general market slowdown, leading analysts to grasp at straws for price movement explanations. As entertaining as it might be to hypothesize about the impact of a fast-food sandwich on a global cryptocurrency, it’s important to remember that correlation does not imply causation.
Conclusion
While the McRib’s periodic return may cause a stir among fast-food enthusiasts, its influence on Bitcoin’s price remains a playful and speculative theory at best. The whimsical correlation showcases the cryptocurrency community’s love for memes and their ability to drive narratives. As the crypto world awaits the McRib’s next return, it’s a stark reminder of the importance of discerning genuine market trends from mere coincidences or entertaining market folklore.
