Chipotle to Give Away $200K in Crypto With New Online Game

Key Insights:

• The ‘Buy the Dip’ game runs until July 31. 
• The company will give out crypto prizes of varying amounts to 516 players in BTC, ETH, SOL, AVAX and DOGE. 
• Last month, Chipotle began accepting 98 different cryptocurrencies as payment at its restaurants.

It seems that the most well-known Mexican grill restaurant in the world has a sense of humour. Chipotle, which is famed for its burritos, quesadillas and tacos, is encouraging customers to buy the dip with a new online game that will give away more than $200,000 in crypto.

As a homage to National Avocado Day, the ‘Buy the Dip’ game runs until July 31 and will offer crypto prizes that range in cash value.

Buy the Dip, Literally

According to Chipotle, customers can play the online game using their rewards accounts with a chance to win $45,000 in Bitcoin (BTC), $10,000 in Ethereum (ETH), $13,750 in Solana (SOL), $14,250 in Avalanche (AVAX) and $14,250 in Dogecoin (DOGE). This means that players will need to log in or sign up for the Chipotle Rewards loyalty program in order to participate in the giveaway.

The company will give out crypto prizes of varying amounts to 516 players, while around 700,000 people will receive coupons for free food.

Notably, each account is allowed three plays per day and Chipotle has confirmed that it will hand out prizes based on the exchange rate of the day as opposed to the exchange rate at the end of the campaign.

Overall, five customers per day will receive $2,000 BTC. Another five will get $1,000 ETH, five more will get $250 SOL and 20 players will each be rewarded with $150 in AVAX or $150 in DOGE.

The term ‘buying the dip’ is a common phrase used by investors that refers to the practice of purchasing an asset after it has declined in value, with the hope that it is likely to rise again following the price drop and a profit can be made if the market rebounds. The concept is based on the theory of price waves.

New Payment Options

This is not Chipotle’s first foray into the cryptocurrency space. Last month, the fast-casual restaurant chain began accepting 98 different cryptocurrencies as payment at its restaurants.

The company partnered with digital payments platform Flexa to incorporate 3,000 of its restaurants in the United States into such plans.

Prior to this, Chipotle became the first U.S. restaurant brand to launch a cryptocurrency giveaway through its ‘Burritos or Bitcoin’ initiative. The scheme gave away $100,000 in BTC as part of a promotion for National Burrito Day in April last year.

Other mainstream fast food chains that have launched similar giveaways in the U.S. include Burger King which last year partnered with stock trading app Robinhood to give away crypto as prizes to members of its Royal Perks loyalty program from a pool of 20 BTC, 200 ETH and 2 million DOGE.

Similarly, McDonalds’ China arm released a set of 188 non-fungible tokens (NFT) in October last year to celebrate its 31st anniversary on the Chinese market, while its U.S. operations has filed multiple trademark applications for a virtual restaurant indicating an entry into the metaverse.