Black Friday Vs. Bitcoin: Here's How Much You'd Have If You Took The Average Spendings Of Americans On This Shopping Carnival And Invested It In BTC Last Year
Black Friday, the day after Thanksgiving in the U.S., has become synonymous with enticing discounts, big bargains, and massive sales, marking the start of the critical Christmas shopping season.
With time, the traditional one-day frenzy has evolved into a longer season with the introduction of events like “Cyber Monday,” an online equivalent of Black Friday.
Over the years, sales figures from this phase have been used to gauge the country's overall economic health and the spending power of the average American.
What happened: According to a Deloitte analysis from October, the average expected per-consumer spending during the period from Black Friday to Cyber Monday has grown at a compound annual rate of 9.4% between 2019 and 2024
While surveyed consumers splurged $500 on average in 2022, their spending rose to $567 in 2023, representing a 13% rise year-over-year.
This year, the average spending is estimated to rise to $650, a 15% year-over-year growth.
Now, what if instead of retail therapy, one engaged in Bitcoin (CRYPTO: BTC) therapy?
Fathom this. On Black Friday 2023, you succeeded in taming the shopaholic within you and chose to invest the same amount, $567, in buying the world's most popular cryptocurrency.
On Nov. 24, 2023, the price of one Bitcoin was $37,720.28. So, an investment of $567 would have fetched you 0.01503 units of the asset.
As we approach this year's Black Friday, the price of Bitcoin has ballooned to $95,916.62. This means that your stash would have been worth $1441.79, reflecting a 154% jump.
No prizes for guessing that your spending power would have expanded significantly—in fact, more than twice the average estimated figure of $650 indicated above.
Price Action: At the time of writing, it was trading at $2.86, up 13.51% in the last 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Pixabay
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Posted-In: Bitcoin Black Friday Cyber MondayCryptocurrency News Markets
