Chipotle is giving away $100,000 in bitcoin
New York (CNN Business)Chipotle is jumping into the bitcoin craze. Sort of.
No, the chain isn’t accepting the cryptocurrency as payment for its Mexican dishes. Instead, Chipotle is giving away $100,000 worth of bitcoin on Thursday to celebrate National Burrito Day.
The contest marks the first time a US restaurant chain has given away bitcoin, according to Chipotle.
To win, Chipotle (CMG) fans can visit the website BurritosOrBitcoin.com 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. 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. He claims to have “made peace” with the monumental loss.
“If players are unsuccessful in their ten attempts and endure the same fate as Thomas, they may be surprised and delighted with a special offer from Chipotle,” the company said in a press release.
Chipotle confirmed to CNN Business that this isn’t an April Fools’ Day stunt, even though the contest is happening on the same day.
The “Bitcoin or Burritos” promotion is yet another example of bitcoin’s (XBT) increasing mainstream appeal. Tesla (TSLA) now accepts bitcoin as payment for its vehicles, for example, and Uber (UBER) and Mastercard (MA) also said they plan to start accepting bitcoin. One bitcoin was worth roughly $59,000 as of Tuesday morning.
By Jordan Valinsky, CNN Business