Kosher food producer Manischewitz announced Thursday that they will sell “Crypto-Gelt” this Hanukkah in keeping with the Cryptocurrency craze that has shaken global economics.
The classic Hanukkah chocolate candy, which was first mass-produced over 100 years ago and has become a symbol of the Jewish festival of lights, will now feature a modern iteration on shelves.
“Chanukah coins for the new age(s),” the gelt label – a preview of which was posted on Manischewitz’s official Twitter account, reads. The label also features hi-tech style branding that is synonymous with cryptocurrency.
What is cryptocurrency?
Cryptocurrency is defined as a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography – rather than by a centralized authority. This decentralization theoretically gives users a way to hold wealth without restriction or confiscation by governments, financial institutions and other powerful entities.
After making waves globally in 2017 and 2021 after seeing prices spike multiple times, Bitcoin – the preeminent cryptocurrency on the market – has become a household name. While Bitcoin is the most renowned, there are over 20,000 cryptocurrencies in existence, per CoinMarketCap.
Bitcoin reached an all-time high of over $68,000 in November 2021 after starting the year at just under $30,000, whole the crypto industry as a whole grew to a total market cap of more than $2 trillion by the end of 2021.
2022 has seen massive losses in the crypto space – after reaching a high of nearly $70,000 per Bitcoin, the cryptocurrency currently rades at just under $17,000. Other cryptocurrencies have seen similarly-precipitous drops this year, while prominent cryptocurrency exchange FTX collapsed in November – leaving behind up to $51 billion in collateral losses.