Chipotle is giving away $100,000 in bitcoin
Chipotle is jumping into the Bitcoin craze! No, the chain isn't accepting the cryptocurrency as payment for its food, but is giving away $100,000 worth of bitcoin on Thursday to celebrate National Burrito Day.
After getting some historic news from VISA and Paypal which I wrote about this week. Chipotle's contest marks the first time a US restaurant chain has given away Bitcoin.
The Contest To win, Chipotle fans can visit the website BurritosOrBitcoin.com which launching Thursday to try to guess a valid six-digit code.
Each player gets 10 tries during the contest, which runs from noon to 9 pm ET on Thursday. Correct guesses could win up to $25,000 in bitcoin or a free burrito, as Chipotle is also giving away $100,000 in food. In total, 53 people could actually win the bitcoin: 50 fans will win $500 in the cryptocurrency, and 3 will win $25,000. And 10,000 fans will win one burrito.
As part of the campaign, Chipotle is partnering with Stefan Thomas, the San Francisco man who famously lost $220 million worth of bitcoin because he couldn't remember the password to his digital wallet.
Chipotle and Stefan are having a bit of fun because if players are unsuccessful in their ten attempts they will endure the same fate as Thomas. However, this time they may be surprised and delighted with a special offer from Chipotle.
This seems like a pretty big PR stunt. Chipotle confirmed this isn't an April Fools' Day stunt, even though the contest is happening on the same day. I'll be giving it my 10 tries. How about you?
This "Bitcoin or Burritos" promotion is yet another example of bitcoin's increasing mainstream appeal. I think we will be seeing more of these types of PR moves as adoption scales up. You have to remember we are still at the earliest stages of the cycle. Maybe this stunt will open the gates for Chipotle to start accepting crypto for their food!
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