If you look at graphs of how the bitcoin price developed during the record year 2017, you see huge increases both around Christmas and Thanksgiving, numbers from Coinmarketcap shows.
The reason is said to be a so-called “fear of missing out” effect, which means people investing because they are afraid of missing an opportunity to make money.
The price of bitcoin went up twice during Christmas weekend 2017. Image source: Coinmarketcap
Here is a little story to explain how it may go:
A not so tech-savvy person may have heard of bitcoin but don’t really understand what it is. During the holiday season, he or she meet a relative who is more versed in cryptocurrencies and the former asks the latter what bitcoin is. Having got the cryptocurrency explained to them, our hero is struck by anxiety about missing a chance to make money and decides to invest.
The increased interest that follows on this scenario taking place on many Christmas dinners around the world leads to higher prices for bitcoin.
Happily ever HODL!
The question is whether the story will repeat itself in 2019.