This McDonald’s tweet potentially marked the Bitcoin bottom
McDonald’s has been on a roll with crypto-related tweets over the past few weeks, poking fun at traders and investors amidst the crypto market crash.
The ribbing (or is that “McRibbing”?) from McDonald’s comes from viral memes created by the crypto community, suggesting that crypto traders have minimal job skills due to focusing on their investments, and need to apply for jobs at McDonald’s in order to have enough money to live during the crash.
One anonymous person even created an entire NFT collection of only McDonald’s job applications to cash in on the joke, which, at the time of writing, has netted over US$76,000. The President of El Salvador, as the leader of a nation that has made Bitcoin a recognised currency, even got in on the fun by updating his Twitter profile picture to feature himself wearing a McDonald’s hat.
On Saturday, Mcdonald’s retweeted crypto analyst Matthew Hyland, who illustrated that an earlier McDonald’s tweet potentially marked the price bottom of Bitcoin, asking “is it because i said wagmi”.
The latest tweet refers to a viral interaction McDonald’s had in response to crypto trading platform, Binance, posting a wojak meme in response to the tweet mentioned above.
WAGMI, an acronym for “We’re All Gonna Make It”, is a widely used term in the space to show solidarity with other crypto investors, especially after good news related to their holdings.
The tweet did coincide with Bitcoin jumping by 11 per cent within the hours after it was posted. But of course, there were plenty of factors and play and correlation and causation are tenuous at best. Still, it’s another chapter in the fun story about how the world’s biggest fast-food giant is so actively involved in the crypto community.
Disclosure: At the time of writing, the author of this article owned Bitcoin and other cryptocurrencies.