As the price of a single Bitcoin continues to reach toward its all-time highs from late 2017, a more tangible, delicious and common item is seeing its value do the same thing.

For several weeks now, some crypto followers have taken note of the totally bizarre fact that the price of both Bitcoin and Hass avocados have been running up in tandem since late March. This chart really says it all:

As of midday Wednesday, the price of a Bitcoin was up more than 15 percent over the past 24 hours, just as avocados saw a one-day, seven percent surge of their own.

Even weirder, the price charts for Bitcoin and avocados mirror each other over the past year in a way that's not quite exact but definitely eerie.

Is there actually some sort of mysterious link between cryptocurrency and the beloved green, guacamole-making, toast-covering go-to fruit?

The obvious connection that's often pointed out online is millennials' involvement in the mainstreaming of both commodities, whether it's hipsters looking to pay for a latte with Bitcoin or have that beverage with a nice slice of avocado toast.

In reality, it may have more to do with international trade. The latest spike in both Bitcoin and avocado prices comes as President Trump is sowing trade uncertainty, particularly with Mexico, where Americans get many of their avocados from. Trump's threatened tariffs are helping to drive up the price of those rough-skinned wonders.

While the connection between Trump's policies and Bitcoin is more tenuous, the unconventional and unpredictable nature of the current administration contributes to a broader sense of uncertainty and instability across international markets, which can make alternative stashes of value like Bitcoin more attractive.

Of course, there's another way Bitcoin and avocados are linked: When you first buy them, it's probably best not to use them right away. As any good guacamole recipe or "HODL-er" will tell you: it's best to let it sit around to ripen for a while.

Published on: Jun 26, 2019
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