Crypto related sites and channels are awash with speculation about the \"Chinese New Year\'s\" theory. The theory supposes that with the Chinese New Year fast approaching (this year it will occur on Friday 16th February), as part of the celebrations, billions of people in China will receive cash gifts. Now that bitcoin has broken through into the mainstream, in theory, a significant proportion of people will use their cash gift to invest in bitcoin. With so much new money entering the market, bitcoin could begin another bull run, which might see it reach the record high of $20,000 witnessed just before Christmas.

However, the theory has many opponents. Some users have been questioning what the exact percentage of the population who will receive cash will be, and have pointed out that it is impossible to say how many people would use money which was given as a gift in the cryptocurrency markets. Others who are sceptical of the theory also point out that because the Chinese government has recently launched a crackdown on cryptocurrency trading platforms, even those who wish to invest their Chinese New Year\'s cash in bitcoin would struggle to do so. It is likely this is a debate which will go on until the Chinese New Year arrives.