Could Black Friday Help To Haul Bitcoin Out Of The Slump?
As Thanksgiving approached this time last year, Bitcoin was about to take off. As it became the most-discussed topic over the turkey dinner of countless families, the price shot up to $10,000 by the end of November. Before the next three weeks were out, Bitcoin hit its all-time high of $19,783.
Looking back, nobody really knew those glory days would be so short-lived. Now, despite a steady trading month in October, Bitcoin has tanked further over the last couple of weeks – down to below $5,000 at the time of writing. Whereas this time last year, retail investors were falling over themselves to throw their cash into Bitcoin, now the market is indisputably in the depths of a prolonged slump.
Since the price of Bitcoin has fallen, attracting newcomers into cryptocurrency these days is a far more difficult proposition than it was a year ago. People are understandably reluctant to put their money into an asset that they believe is volatile and could still fall further. If Bitcoin can’t attract new investors, and even existing investors are finding that their faith in cryptocurrency is being tested, how else is Bitcoin going to survive the current slump?
However, there could be more immediate light at the end of the tunnel. Many cite that one of the problems with cryptocurrencies is the “spending problem.” There is a perception that retailers are unwilling to accept Bitcoin. On the contrary, retailers such as Subway, Microsoft, and Etsy vendors, are seeing the opportunity to draw in sales from cryptocurrency users. One of the reasons for this enlightening is the chance to take advantage of the huge, multinational spending frenzy that is Black Friday.
How Black Friday Could Help Bitcoin’s Recovery
Black Friday is a retail phenomenon. It started in America but has extended into markets including Australia, Brazil, and many European countries.
What used to be a single-day sale now stretches out over more than a week, with Amazon offering deals this year starting on Monday, November 19, and lasting straight through to Cyber Monday on November 26. 174 million people in the US participating in Black Friday shopping in 2017, either in traditional or online sales.
With more and more retailers adopting Bitcoin as a means of payment, and cryptocurrencies in need of a boost to encourage mainstream adoption, the time is ripe for Black Friday and Bitcoin to converge. Coinmama has seen the potential, and the Slovakian exchange is now launching Crypto Sunday.
What is Crypto Sunday?
Crypto Sunday is the world’s first organized campaign to encourage merchants and crypto spenders to get involved in the Black Friday super sales. This year, it will take place on November 25, 2018. After this year, it will be held as an annual event on the fourth Sunday of each November.
Retailers and merchants who have deals to offer, where shoppers can pay in Bitcoin, can sign up to have their deals listed on the Crypto Sunday site. Shoppers can browse the site as a one-stop shop for deals where they can spend their Bitcoin or other cryptos.
Some of the mainstream retailers that have already signed up their Black Friday deals include Overstock, Microsoft and Expedia. For anyone wanting to take advantage of the Bitcoin price dip and make an exchange, Coinmama is offering packages including up to 100% off its own fees. Other exchanges such as Coinbase and CEX.io are also offering deals. Rather store your cryptos than spend them? Crypto Sunday also has you covered, as Ledger is offering up to 30% off its Ledger Nano S wallets.
Coinmama state: “The goal of Crypto Sunday isn’t just to save money; it’s to boost adoption and awareness of crypto as a legit payment method. A lot of people see crypto mainly as a way to get rich, and that’s fine. For crypto to really fulfill its potential as fair global money, however, it first has to go mainstream. Initiatives like Crypto Sunday are designed to achieve precisely this goal.”
As Bitcoin is currently in the middle of its longest price dip since 2013/2014, mainstream adoption is now needed if the world’s biggest cryptocurrency is to recover its value beyond previous highs. Perhaps with the help of Coinmama and Crypto Sunday, that goal is not yet out of sight.