Chipotle gives away $ 100,000 in free Bitcoin (plus burritos)
Claiming a first among American fast and casual food chains with its new promotion, Mexican Grill Chipotle (NYSE: CMG) plans to donate $ 100,000 in Bitcoin (CRYPTO: BTC) as well as $ 100,000 in burritos in an upcoming contest. According to the press release, three winners will each receive $ 25,000 in Bitcoin, while the remaining $ 25,000 will be split 50 ways as a Bitcoin prize of $ 500.
Assuming the announcement of the giveaway isn’t an April Fool’s Day joke (given that the event falls on April 1, which is also National Burrito Day, which takes place on the first Thursday of the month), 10 000 participants will also win free burritos from the fast-casual chain.
Participants will be able to enter six-digit codes to attempt to access one of the digital wallets containing the cryptocurrency rewards. The promotion, which Chipotle describes as a “chiptocurrency” contest, is based on programmer Stefan Thomas losing $ 387 million worth of Bitcoin when he couldn’t remember his disk password. hard and used the 10 allowed attempts to access via IronKey. . Thomas programs Chipotle’s “Burritos or Bitcoin” game – the interface through which participants attempt to win one of the Bitcoin rewards, or at least a free tasty burrito.
Chipotle’s successful pivot to digital in 2020, the year of the worst days of the COVID-19 pandemic, has made it a recent restaurant success story, with analysts still forecast major increases to its action value. The company also uses its earnings to invest in automated delivery, potentially with a view to reducing or eliminating the use of the expensive and sometimes troublesome middlemen of the delivery companies that currently deliver food deliveries to America.
This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.