As part of a promotion for National Burrito Day, Chipotle is offering its customers a chance to win$ 200,000 worth of bitcoin and free burritos.
The premise is that we lost our password to our account and if you enter a correct code you can win either a free burrito or$ 500 in bitcoin on Thursday all the way up to$ 25,000 in Bitcoin, told Chipotle chief marketing officer Neil Cavuto on FOX Business.
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According to the promotion's press release, the popular game dubbed Burritos or Bitcoin is a playful ode to Coil founder and CEO Stefan Thomas' experience of losing his hard drive that contained$ 387 million worth of the interactive cryptocurrency.
Each participant will have 10 tries to guess the six-digit code for a chance to win big. Those who fail to crack the code will still receive a special offer from the company.
The competition, which is live on burritosorbitcoin.com, runs until 6 p.m. Pacific time in the contest.
GET FOX BUSINESS ON THE GO BY CLICKING HERE Brandt said that the reaction to the promotion so far has been overwhelming.
People love burritos and they certainly love bitcoin as well, Brandt said.
Whenever we do one of these things, especially on a day like the National Burrito Day, which we call an informal national holiday, we always get a lot of great fan interest. I would encourage everyone to get started sooner than later if they can. He confessed that Chipotle has no plans in the near future to adopt bitcoin as a payment form in its restaurants.
We have no plans to do that right now, there are a lot of complexities involved in this, said Brandt.
If you had told me a year ago that we would be doing something with bitcoin I probably would have been skeptical about that as well. So, say never in this world, but we have no plans to take it as currency. During the coronavirus pandemic, online transactions have boomed for Chipotle, accounting for nearly half of the total Chipotle sales in 2020, compared to 20% of its total sales in 2019.
We 're really hoping that we can hook onto a lot of these new users, who were a lot of in restaurant customers to Chipotle, as the digital business comes back, Brandt added.
Every week it seems like things are opening up a little bit more, the limits are lessening, the amount of positive tests is being diminished and we are seeing more and more people moving around and that's a good thing for our restaurant business. CLICK HERE TO READ MORE ON FOX BUSINESS- BUSINESS.
Chipotle is n't the only company to embrace cryptocurrency.
Tesla started accepting Bitcoin payments for its vehicles last month.
BNY Mellon and PayPal have also announced that they will support cryptocurrency in their services. In addition, BlackRock announced plans to launch its own Bitcoin ETF and Fidelity said it would add bitcoin to two of its investments as eligible investments. The Bitcoin was in the vicinity of$ 599,000 at the time of publication on Thursday.