Over the Holiday Weekend: Bitcoin Surges, Jeff Bezos' Net Worth Increases
I'm still recuperating from my Thanksgiving holiday, trying to get back to my normal weekday routines. Before I do, I want to share a few things that happened over this holiday weekend.
I was luckily enough to be surrounded by people I care about and delicious food this Thanksgiving. But the leftovers weren’t the only thing I was anticipating the next day. I was also ready for all the Black Friday deals.
Not because I had anything in particular to get. I definitely wasn't going to wait in line for a deal. I’m more of an online Black Friday shopper. I wouldn’t be surprised if you are, too.
I spent my morning surfing multiple websites, trying to find any deals that would be worthy of a click. Amazon was the first site I went to out of pure convenience — it clearly marked off a section of its website dedicated to Black Friday deals.
A survey by Deloitte reported that shoppers planned to spend 51% of their holiday shopping budget online, compared to 42% in stores.
Obviously, I wasn’t the only one shopping online. According to Adobe Analytics, shoppers spent $640 million online as of 10 a.m. Friday, an 18.4% jump from last year’s Black Friday sales.
Consumers Are Confidently Spending Their Money
There’s no surprise here. We’ve already seen a strong online shopping season leading up to this past holiday weekend.
Consumers are hungry for deals and are feeling a little more confident with their spending, especially given the stronger stock market.
Adobe indicated that in each of the first 22 days of November, more than $1 billion in revenue was rung up online.
By 5 p.m. Thanksgiving evening, shoppers already spent more than $1.52 billion, up 16.8% from last Thanksgiving.
Then there’s Cyber Monday, a day solely dedicated to online shopping and deals even better than Black Friday. On Monday morning, my inbox was flooded with offers that seemed too good to be true.
Yesterday’s Cyber Monday has the potential of being the largest online shopping day in all of retail history, with the chance to generate $6.6 billion in sales.
When it comes to online shopping, I tend to hold off until the last minute to make that buy click. I’m not the only one. I want to make sure I’m getting the best possible deal. So it makes sense that most of the orders on Cyber Monday happen in the evening hours.
Adobe analyst Tamara Gaffney said online orders tend to peak around 8 p.m. to 11 p.m. She said that by that time, shoppers know exactly what they want. They also start to feel a sense of urgency, fearing they might miss out on a deal.
Let’s just say this shopping season is off to a better than expected start. The confidence of consumers is obvious. And investors are loving it.
This Holiday Season, the Rich Are Getting Richer
On Black Friday, Amazon saw its shares rise. On Friday morning, shares were at an all-time high of $1,172. This rise made the richest man in the world become even richer...
Amazon’s Black Friday sales pushed its CEO, Jeff Bezos, toward a $100.3 billion net worth. It’s not like he needed the push, but here he is.
And it looks like it won’t be stopping here for Amazon. Investors continue to be confident in Amazon’s ability to create an even bigger lead in e-commerce.
Amazon is ready to take home a considerable chunk of Cyber Monday sales. A survey from Fung Global Retail Technology found that three-fourths of online shoppers will purchase from Amazon this year.
90 million U.S. homes have an Amazon Prime subscription. I have a Prime subscription. My entire family has a Prime subscription. It’s rarer to find someone who doesn’t have one.
Daniel Ives, head of technology research at GBH Insights, said Amazon recorded “eye-popping” numbers for this year’s Black Friday. According to Ives, Amazon earned an estimated 45–50% of all e-commerce sales.
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The tipping point of e-commerce and retail is here. There’s no point trying to ignore it. Amazon hasn’t been. Instead, it’s making it easier and more appealing to shift towards online shopping.
In a research note over the weekend, Ives said:
We believe the average Prime customer is forecasted to spend between roughly 20 to 25 percent more this holiday season than the year ago period, coupled by major growth in U.S./International Prime members, should be setting the stage for a game-changer holiday season for Bezos & Co.
You heard it: It’s going to be a game-changer holiday for Amazon.
But consumer optimism and online shopping weren't the only things that spiked over the weekend...
Bitcoin Surges Over $9,000
Every year, post-Thanksgiving dinner conversation always brings up a lot of interesting topics with my family and friends. Honestly, it’s my favorite part of the day, being able to listen to everyone’s views on trending topics.
So, I wasn’t surprised to hear the word “Bitcoin” uttered from my dad’s mouth. And at that moment, I noticed the life slowly coming back to my relatives who were recovering from dinner.
In some shape or form, they’ve all been introduced to the word. Heck, there was even a recent Grey’s Anatomy episode that essentially revolved around the cryptocurrency. But some of them didn’t entirely understand what Bitcoin was, or even other digital currencies, for that matter.
I offered them my best explanation and also shared Wealth Daily’s investor’s guide to cryptocurrencies. Everyone who was living in the dark about cryptocurrencies was really thankful I shared this guide with them.
I know my family members aren’t the only ones with Bitcoin on their minds. The cryptocurrency continued to soar higher over the holiday weekend. On Sunday, Bitcoin reached $9,400. It didn’t stopped there. On Monday, Bitcoin reached $9,600 (as I'm writing this). It’s so close to crossing the $10,000 milestone.
Coinbase’s website indicated that it added about 100,000 accounts between Wednesday and Friday. The growth and interest is very real.
Bitcoin is quickly approaching its $10,000 milestone. Before it does, you should take the time to watch my colleague’s presentation further explaining investing in digital currency. It’ll give you insight into this year's most talked about opportunity. Not only that, but it's going to help you discover how you can take advantage of this opportunity and start earning a profit.
Until next time,
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