Tuesday, October 19, 2021

Buffett-Backed Oscar Mayer Unveils Bacon-Backed Bacoin

Buffett-Backed Oscar Mayer Unveils Bacon-Backed Bacoin

If you love bitcoin and bacon, you’ll probably love Oscar Mayer’s new campaign that brings the two of them together. The meat mogul is unveiling a new cryptocurrency called bacoin, and executives say it tastes pretty good.

Also see: Alibaba Pilots Blockchain Platform with Blackmores, Fonterra in Fight Against Fake Food

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Cryptocurrency… Goes Great with Eggs

The new currency is literally backed by bacon. By visiting OscarMayerBacoin.com, users can register to receive a limited number of coins, which they can then redeem for bacon slices. The company has been looking for a way to capitalize on the cryptocurrency craze hitting the U.S. since bitcoin’s $19,000+ USD highs in December 2017.

“Oscar Mayer is the gold standard of bacon due to our dedication to hand-selecting the best cuts and then naturally sugar curing and naturally hardwood smoking our bacon,” explained the company’s brand manager Matt Riezman. “Add to that our proven expertise in the bacon-tech space, and bacoin is poised to deliciously revolutionize the cryptocurrency market.”

bacoin Oscar Mayer

How Much Bacon, You Ask?

Representatives also say that one can ultimately “invest” in the coin, as the currency’s value is designed to increase by the sharing of information about it via social media. This incentivizes bacoin holders to “pump the burgeoning currency” and boost the amount of physical bacon they can garner. At press time, one bacoin (BACN) is worth approximately ten slices of bacon – up from three only recently.

However, Oscar Mayer warned users in a press release that like other cryptocurrencies, bacoin’s price is volatile, and vulnerable to price swings. Still, the company seems relatively proud of itself for releasing what it calls the “first ever cryptocurrency backed by the gold standard of Oscar Mayer bacon.”

Bacoin Right Under Buffett’s Nose

Ironically, Oscar Mayer is a division of The Kraft Heinz Company. Founded in 1883, the company changed hands a number of times in the 1980s and eventually found its way inside the Kraft and Heinz umbrella in 2015 after the two companies merged in a $10 billion deal orchestrated through investments via Berkshire Hathaway – Warren Buffett’s parent company.

No fan of bitcoin, Buffett recently commented that buying bitcoin doesn’t equal investing:

“You aren’t investing when you do that. You’re speculating. There’s nothing wrong with it. If you want to gamble, somebody else will come along and pay more money tomorrow. That’s one kind of game, but that is not investing.”

Buffett has not commented on the release of bacoin, though it would be interesting to see if he were to oppose any cryptocurrency venture undertaken by a company in which he is invested.

Oscar Mayer is the latest “odd” enterprise to enter the cryptocurrency arena, following camera giant Kodak and adult entertainment empire Playboy.

Is bacoin something you’d invest in? Why or why not? Post your comments below.

Images via Pixabay, Wikipedia

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