How Chipotle’s Buy the Dip game adds to crypto mainstreaming

4 min read | July 26, 2022 11:26 AM AEST | By Ankit Sethi

How Chipotle’s Buy the Dip game adds to crypto mainstreaming — Image source: Pixabay.com

Chipotle crypto giveaway

The giveaway seems to target National Avocado Day, which falls on July 31. The participants can use a special website created by Chipotle for the purpose. Both the game and the website include the term ‘Buy the Dip’, which is used to refer to periods of downward movement in prices and expectations that investors will be interested to buy assets at ‘discounted’ prices.

The game is open only to legal residents of the US, where Chipotle recently announced support for cryptocurrencies as a form of payment. One of the most attractive rules of Chipotle’s Buy the Dip offer is that participants are not required to make any purchase at all. By this measure, the game seems to add more to cryptocurrencies’ mainstreaming, and less to promote its own brand.

It is also mentioned that any winner would need a Coinbase account to claim any cryptocurrency won during the game. Every day, between July 25 and July 30, thousands of dollars each in cryptos like Bitcoin, Ether, and Dogecoin are available for winners. For July 31, the last day of the game, the quantum of the prizes is even more.

It is notable that Chipotle ran a game last year where US$100,000 were given away in Bitcoin on the occasion of National Burrito Day.

Crypto prices

Chipotle has specifically mentioned in its Buy the Dip game announcement the price volatility risk that comes with cryptocurrencies. As of writing, both Bitcoin and Ether are in the red, with the latter having lost almost 10% over the past one day alone.

Bitcoin price

Data provided by CoinMarketCap.com

Viewpoint

Chipotle is a big name in the fast casual restaurants industry. The ongoing crypto giveaway can bring more people closer to these assets. Besides, all wins can be accessed only via a Coinbase account, and it is likely that it can prompt the winner to participate in crypto trading. The game and prizes aside, caution must be exercised by the participants when it comes to the trading of cryptos won.

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