Commenters speculate that the three may be correlated, although not causally related.
Firstly, the popular McRib sandwich is set to make a comeback in November, but it will not be available nationwide.
This announcement follows McDonald’s decision to remove the famous pork meal from its menu, only to bring it back annually for a limited time.
This marketing strategy of scarcity is common, as consumers are more likely to purchase a product they perceive as unique, limited, exclusive, affordable, or available for a short period of time.
According to The Wall Street Journal, over 60 million McRibs were sold in just three years, despite being labeled as “limited”.
However, what does this have to do with stocks and bitcoin?
In truth, likely nothing, but that hasn’t stopped crypto enthusiasts from creating memes on the subject for years.
In 2022, Nick Maggiulli, COO for Ritholtz Wealth Management, shared that when McRib was on the menu, the S&P 500 experienced a 0.04% higher average daily return.
This year, crypto analyst Zack Voell shared a chart showing BTC’s “reaction” to the McRib news.
It’s worth noting that McDonald’s tends to reintroduce the McRib in the last quarter of the year. While November and December are not traditionally positive for bitcoin in terms of price, October is often referred to as “Uptober” in the industry.
Additionally, bitcoin has seen bull runs in 2017 and 2021.
Let’s take a look at BTC’s price in the months of McRib comebacks over the past decade:
- November 2022: BTC’s price dropped from around $20,000 in October to the $16,000 level in November.
- November 2021: November’s highest price was $68,573, compared to October’s $67,120.
- December 2020: BTC reached nearly $20,000 by the end of November and $28,885 by December 31.
- October 2019: September maintained a relatively steady price of around $10,800, dropping to the $7,000 level in October.
- October 2018: September started with a high of $7,381, with October experiencing a brief spike to $7,083.
- November 2017: BTC ended October at $6,370 and climbed to $10,400 by the end of November.
- November 2016: BTC price rose from $715 in October to $750 in November.
- September 2015: September’s high was $244, while August’s was $284.
- November 2014: The highest BTC price in November was $418, compared to October’s high of $399.
Therefore, it appears that the occasional rise in BTC’s price coincides with McRib comebacks, rather than being influenced by them.
One thing is certain: BTC continues to rise.