McDonald's McRib Doesn't Actually Boost Bitcoin's Price, Sorry Everyone

In brief

• Some crypto traders believe that the McRib’s return to McDonald’s menus precedes a rise in Bitcoin’s price.
• Experts say there is "no correlation” between the two at all, as believers often omit the times the McRib has failed to pump prices.
• Analysts think the Fed’s rate decision on Wednesday is a far more likely driver of Bitcoin’s next move.

The McDonald's McRib has become a crypto meme in recent years, due to many traders believing that its reintroduction to the menu precedes a boost in Bitcoin's price. And, with the tangy pork sandwich back in certain states across the U.S., crypto traders are getting excited.

But experts have taken the McRib theory off the menu, saying that those parroting the theory are forgetting all of the times that the McRib hasn't coincided with a Bitcoin price increase.

"There is no correlation at all," Luke Nolan, senior researcher at CoinShares, told Decrypt. "Whilst it is a fun exercise, it seems to be that people omit McRib returns when it doesn't fit the narrative."

Nolan shared a chart tracking the McRib's return compared to Bitcoin's weekly close, and only three out of 10 McRib returns posted clear positive Bitcoin returns. In fact, it often comes before major drops in valuation.