Preheat oven to 350 degrees F (175 degrees C). Lightly butter 2 muffin tins.
Mix flour and baking powder together in a large bowl; cut in butter until mixture resembles coarse crumbs. Stir buttermilk and bacon into flour mixture just until dough holds together.
Turn dough onto a floured surface and roll into an even thickness. Fold dough over itself a few times. Cut dough into circles using a cookie or biscuit cutter and arrange circles in the prepared muffin tins.
Bake in the preheated oven on the top rack until biscuits are lightly browned, 20 to 25 minutes.
Margarine can be substituted for the butter.
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