Crypto bros trade Lambo dreams for McDonald’s memes in latest bear market sign

November downturn for Bitcoin brings back the old McDonald’s jokes

Crypto traders have long been fixated on how much Bitcoin it will take them to buy a Lamborghini. But after a woeful November for Bitcoin and other cryptocurrencies, an old joke has popped back up online: crypto bros lining up for jobs at McDonald’s.

The McDonald’s memes have surfaced during other low periods for Bitcoin. In early 2022, Nayib Bukele—the president of El Salvador who made Bitcoin legal tender in his country—photoshopped himself wearing a McDonald’s uniform after the cryptocurrency dropped. Now those memes and jokes are back.

The big crypto price declines in November followed an “Uptober”—crypto speak for a bullish October—that never came. Bitcoin is down about 22% in the last month to its current price of roughly $90,000. During that time Ethereum is down around 27% to its current price of roughly $3,017, and Solana is down around 28% to its current price of $144. 

For much of November, the slide in cryptocurrency coincided with uncertainty about a Federal Reserve rate cut in December and also with fading tech stocks as investors seem to brace for an AI bubble. 

“The first three weeks of November have been down-only for BTC, with digital assets dragged lower by the broader equity-market correction as risk-off rotation set in,” said Jasper De Maere, desk strategist at Wintermute. “[It’s] driven first by the hawkish Fed pivot and then by renewed AI growth fears despite strong Nvidia numbers.” 

Bitcoin has recovered about 11% since it saw its low of about $81,000 on Friday. Its surge the last few days came as the possibility of a December Fed rate cut reemerged. Still, the original cryptocurrency is down about 29% since its high of roughly $126,000 about two months ago. 

The recent downturn in cryptocurrency kicked off on Oct. 10, when traders lost $19 billion in their positions. Investors have also been hesitant to take on risky assets as the specter of an AI bubble looms. 

Despite the winnings of the last couple days, crypto traders may have to endure more McDonald’s jokes from extended family this Thanksgiving.