ShareThis Page

Oscar Mayer launches Bacoin, a cryptocurrency worth bacon

Aaron Aupperlee
| Monday, April 30, 2018, 2:39 p.m.

Bacon fans, there's a cryptocurrency for you.

Oscar Mayer launched Bacoin on Monday, a cryptocurrency like Bitcoin but worth bacon.

As of 1 p.m. Monday, one Bacoin was worth 10 strips of bacon, up from three strips at noon.

Matt Riezman, brand manager for Oscar Mayer, called Bacoin the gold standard of bacon.

"Add to that our proven expertise in the bacon-tech space, Bacoin is poised to deliciously revolutionize the cryptocurrency market," Riezman said in a statement.

Oscar Mayer's bacon-tech portfolio includes Sizzl, a dating app for bacon fanatics and a bacon-scented alarm clock.

Bacoins are free, and a limited number are available at . There will be 2,000 Bacoins issued between Monday and May 14, according to the contest's official rules . The Bacoins will be available at randomly selected times on the website. The first people to login at the selected time will win a Bacoin.

I tried to secure a Bacoin around 1:30 p.m. Monday and was out of luck. The site said to try again tomorrow. So I will.

Bacoin increases in value when people post to Facebook or Twitter about it and email friends and family via the website. Oscar Mayer can artificially boost the value of Bacoin if attention is low.

When the value of Bacoin is between one and seven slices, owners can cash out and receive a coupon for a half a pack of bacon. The bounty increases as the value increases. If the value of Bacoin reaches 36 to 42 slices, it can be cashed out for three packs of bacon.

Bacoin is clearly a marketing stunt by Oscar Myer and its parent company, Kraft Heinz, which is co-headquartered in Pittsburgh and Chicago. But other joke cryptocurrencies, launched to poke fun at the hype and hysteria surrounding Bitcoin, Ethereum and other cryptocurrencies, have caught the eye of investors and taken off.

"Useless Ethereum Token" launched in July and by January was worth $350,000 even though its creators told people not to buy the cryptocurrency.

"You're going to give some random person on the internet money, and they're going to take it and go buy stuff with it. Probably electronics, to be honest. Maybe even a big-screen television," the cryptocurrency's website warns. "Seriously, don't buy these tokens."

Garlicoin was worth about $1 million in February. Dogecoin, launched around a popular dog meme featuring a Shiba Inu , was worth $2 billion this year.

And if bacon isn't your thing, VeganCoin claims to be a "cruelty-free" cryptocurrency.

Bacoin could also be a jab at Bitcoin and other cryptocurrencies from Warren Buffett, whose Berkshire Hathaway firm is a major investor in Kraft Heinz. Buffett is not a fan of Bitcoin , according to Yahoo! Finance. Cryptocurrencies aren't investments. They are a gamble, Buffett told Yahoo! Finance in April.

"If you buy something like Bitcoin or some cryptocurrency, you don't really have anything that has produced anything. You're just hoping the next guy pays more," Buffett said.

Kraft Heinz's actual stock was down nearly 2 percent on the heels of the launch of Bacoin.

Aaron Aupperlee is a Tribune-Review staff writer. Reach him at, 412-336-8448 or via Twitter @tinynotebook.

TribLIVE commenting policy

You are solely responsible for your comments and by using you agree to our Terms of Service.

We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.

While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.

We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers

We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.

We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.

We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.

We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.

click me