More Than a Meme? Bitcoin Tops $100K as the McRib Returns

Barbecue sauce, pickles, onions, and pork: Just a day after McDonald's beloved McRib sandwich returned to U.S. locations, Bitcoin's price soared above $100,000 for the first time.

Were these ingredients (plus a hint of dextrose sugar) essential to Bitcoin's record-breaking rise? Perhaps, maybe not, but the surprising link between the sandwich's return and market performance certainly caught attention.

McDonald's Senior Marketing Director Guillaume Huin noted the coincidence on social media, stating that Bitcoin's surge to over $100,000 occurring on the same day the McRib returned was "fucking hilarious." McDonald’s officially kicked off "McRib SZN" in America on that Tuesday.

For a community that thrives on memes, observers of the cryptocurrency market have long recognized the McRib as a potential market influencer. In October of the previous year, amid rising anticipation for a Bitcoin spot ETF, Bitcoin's value increased from $28,000 to $35,400, coinciding with the return of the saucy sandwich— a trend some analysts saw as bullish.

While the relationship between the McRib's appearance and Bitcoin's rise is intriguing, it is not always consistent. In both 2018 and 2022, the sandwich's comeback was followed by significant declines in Bitcoin’s price, dropping to $3,250 and $15,500, respectively.

Initially removed from the permanent menu in 2005, the McRib has been associated with favorable market conditions outside of cryptocurrency as well. According to data from 2010 to 2023, the S&P 500 had higher daily returns when the McRib was on the menu, as noted in a post by Nick Maggiulli of Ritholtz Wealth Management.

The McRib debuted in the U.S. during the 1980s and has developed a worldwide following. Recently, it was brought back for a limited time in the UK, which a pseudonymous user named Internbrah pointed out may signal good market conditions.

For those in finance looking for signs in fast food, the implications are worth considering: Could Bitcoin’s recent surge, largely attributed to the victory of President-elect Donald Trump, have roots just as far as the McRib’s return?

Internbrah shared with others that the McRib's return acts as a catalyst when it is available in the U.S. Emphasizing that global liquidity may be increasing, he claimed that he has utilized the McRib as a trading indicator for several years. "The McRib returning as a catalyst is a funny meme, but like all great memes, it’s based in reality," he remarked. "It has never failed me—fade the McRib at your own expense."

Ttypically, this pressed pork patty, shaped to resemble ribs, makes its seasonal comeback in October, November, or December. This timing can be affected by factors like pork butt prices and beef trimmings, according to research from Decision Next.

Historically, Bitcoin has shown its best returns in October and November, with an average increase of 22% and 46% respectively since 2013, according to CoinGlass data. If the saucy sandwich had been absent for a longer period, other memes such as "Uptober" or "Moonvember" may have taken its place.

Edited by Andrew HaywardBitcoin, McRib, Market