The annual shopping bonanza that is Black Friday is here, and for the sixth year in a row it’s also coming to holders of the cryptocurrency bitcoin.
The unofficial start to the Christmas shopping period comes at a turbulent time for bitcoin, coming at the end of a week of dramatic price drops, though this hasn’t put off online retailers hoping to cash in on the cryptocurrency.
“While most consumers are flooding into supermarkets and retail stores, there’s a quiet revolution brewing in the corners of the internet,” states the Bitcoin Black Friday website, which says it will publish all the best deals from merchants today.
“Bitcoin Black Friday is a one day event that brings together bitcoin merchants and bitcoin users. Merchants simply list their bitcoin-exclusive deals, and users can check out all the deals in one place. This year, we’re focussed on quality merchants that care about the bitcoin community.”
The plummeting price of bitcoin in recent days has led to some cryptocurrency analysts joking that bitcoin has gone on sale, just in time for Black Friday.
Bitcoin has fallen in price by around $2,000 over the last week, marking the latest losses in a turbulent year for the world’s leading cryptocurrency.
Nigel Green, founder and CEO of financial services firm deVere Goup, recently said the recent price crash has created a buyers’ market.
“Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalising on the lower prices in order to build their portfolios and shore-up their positions,” Mr Green said.
“Prices might fall further over the next few days, but we can expect a long-term upward trajectory for the crypto sector.”
Some bitcoin exchanges are even offering bitcoin giveaways in an effort to entice people to their platforms.
Isle of Man-based exchange CoinCorner is giving away £20 of bitcoin to new customers starting Thursday, 22 November, so long as they register and buy £100 worth of the cryptocurrency.
“Our mission is to make buying bitcoin quick and easy for everyone,” CoinCorner co-founder Danny Scott wrote in an email to The Independent. “We are delighted to provide new cryptocurrency users with a fantastic offer that will give them a great first experience into the world of bitcoin.”
Bitcoin payment processor BitPay, which has seen huge payment spikes on its network on Black Friday in previous years, has even gone so far as to release a song for this year’s event.
Set to the tune of Rebecca Black’s ‘Friday’, lyrics include: “They don’t take cryptocurrency, they should take cryptocurrency, excuse me sir, what currency will you take?”
The chorus concludes: “Everyone’s adopting bitcoin, don’t be a weirdo… They won’t accept my BitPay, what’s the point of Black Friday sales fiat losers?”