Bitcoin’s status as an uncorrelated asset is about to be revoked, as a scarily close relationship to the price of avocados implies that the digital currency may be about to fall off a cliff. Bitcoin’s performance of late has left a little to be desired, and strangely so has the price of avocados. This relationship was pointed out in a profoundly insightful tweet by Bloomberg’s financial Journalist, Tracy Alloway. A graph depicting the price of Hass avocados and bitcoin shows an eerily similar pattern.
Bitcoin went through a similar boom back in April, rising approximately 225% to a yearly high of around $13,000; many pointed to existing retail investors as the primary catalyst behind the rally.
As with everything these days, this correlation is likely the fault of 18-35-year-olds. Their obsession with both avocados and bitcoin seems to have run dry at the exact same time. No doubt Bakkt is involved in some way as well.