Chipotle's $100,000 Bitcoin Giveaway Points to Crypto Trend in Restaurants

In honor of National Burrito Day on Thursday, April 1st, Chipotle announced it would give away $100,000 worth of Bitcoin in a new contest called “Burritos or Bitcoin”. This move marks the latest in a series of pivots to crypto in marketing for restaurant brands looking to excite customers.  

According to a press release, Chipotle will become the first U.S. restaurant brand to give away cryptocurrency.  The Burritos or Bitcoin contest is partnering with Stefan Thomas, the Founder and CEO of Coil, who famously lost $387 million when he forgot the password to his hard drive storing the currency. Now, Chipotle is sending fans on a mission to crack the code to the digital wallet.

Each player has 10 chances to guess a 6-digit code. Three people will win $25,000 each in Bitcoin, 50 people will win $500 each in Bitcoin, and another 10,000 people will win one free burrito (in the form of a burrito).  Winners will receive Bitcoin prizes in their U.S. based custodial wallet.

"National Burrito Day is a huge moment for Chipotle as our fans traditionally flock to our restaurants and digital platforms to order their favorites," said Chris Brandt, Chief Marketing Officer, in the statement. "We're always looking for unique ways to enhance the celebration, and this year, we're giving fans the opportunity to acquire two highly valuable assets: Burritos or Bitcoin."

Cryptocurrency giving restaurants a new angle for promotion

Chipotle’s contest is just one example of how the restaurant industry is using crypto and the hot new non-fungible tokens (NFTs) trend to engage customers and launch brands in a whole new way.

NFTs are a new type of digital asset that allow someone to purchase “ownership” of a digital piece of art, even as the art remains readily available online. While it may sound like niche crypto nonsense, these works of digital art have already sold millions. Virtual restaurant brands, already at the cutting edge of the industry, have taken notice.

Cordia Corp., for example, announced plans to use NFTs as part of the launch strategy for “Tasty,” a restaurant concept from Carmen Electra in Los Angeles. Cordia will give away Carmen Electra NFTs such as trading cards, videos, and artwork to generate buzz and drive consumer interest.

Likewise, Taco Bell recently sold five copies of digital art designs called NFTacoBells (at $700 per piece) to promote the return of potatoes to the menu. Pizza Hut Canada also launched 1 Byte Favorites that feature a limited number of digitized images of Pizza Hut pizza slices that are available for purchase.

“Being one of the first brands to emerge in the NFT space was an exciting opportunity for our fans to own a digital piece of the brand they love. After selling out in 30 minutes, it’s clear the NFTacoBell collection was as crave-able as our food,” Nikki Lawson, Taco Bell’s chief global brand officer said, according to Nation’s Restaurant News.

It’s unclear where exactly cryptocurrency and NFTs will take the restaurant industry in the future, but many are certainly trying to use it as a way to reach audiences in creative and innovative ways.