According to the Chipotle prize breakdown, three fans will win $25,000 worth of Bitcoin, 50 fans will win $500 worth of Bitcoin, and 10,000 fans will win one free Burrito.
Chipotle Mexican Grill (NYSE: CMG) will become the first restaurant brand in the US to launch a giveaway in Bitcoin. This initiative is part of the programs set up to celebrate National Burrito Day. The giveaway program will be done in a form of a game to replicate the complicated case of Stefan Thomas, founder, and CEO of Coil, who lost over $380 million worth of Bitcoins after failing to rightly guess his hard drive keys in ten guesses. In this case, participants stand a chance of winning $100,000 worth of Bitcoins and $100,000 worth of Burritos.
The interactive Chipotle game called “Burritos or Bitcoin” will present participants with a challenge to crack the code of a digital wallet. According to the report, the digital wallet will have a hidden six-digit code of which participants will have ten (tries) to guess. Those who successfully guess the wallet codes will stand a chance of winning up to 25,000 Bitcoin or free Burritos. Those who fail to crack the code will be presented with an offer from Chipotle. The whole concept of the game is a replica of the woes of Stefan.
The National Burrito Day is well recognized by Chipotle as the company sees a spike in sales as their fans traditionally troop into their various restaurants and online platforms to order their favorites. According to Chris Brandt, the Chief Marketing Officer of Chipotle, this is their way of celebrating the event with their customers at heart.
“We’re always looking for unique ways to enhance the celebration, and this year, we’re allowing fans to acquire two highly valuable assets: Burritos or Bitcoin, ” he said.
According to the prize breakdown, three (3) fans will win $25,000 worth of Bitcoin, 50 fans will win $500 worth of Bitcoin, and 10,000 fans will win one free Burrito. The giveaway is open to all US residents with a minimum age of 18 years old. It will start on April 1, 2021, at 9:00 AM PT and end at 6:00 AM PT on the same day.
Chipotle is a very successful brand with about 2750 restaurants across the US, the UK, France, Germany, and Canada. The company is a big brand in the food industry boasting over 88000 employees. Chipotle does not only focus on making food accessible to everyone but also puts in the effort to lead the industry with sustainable business practice, technology, and digital.
They are the first food brand to launch a giveaway in cryptocurrency, but they are not the first to give out food and money freely in the fast-casual chain industry. Basketball fans were given the chance to win up to $1 million in Burritos and Tacos in 2019. Burritos had earlier launched a contest to see fans winning free burritos for a year through the Fortnite game.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.