Chipotle has taken a pro-bitcoin and “crypto” stance for quite a while already.
Customers can pay with bitcoin at Chipotle stores thanks to Chipotle’s partnership with Flexa. As of today, Chipotle is doubling down by offering its customers a game called “Buy the Dip” where players can earn bitcoin and other rewards.
Chipotle is giving away $200,000 worth of rewards, paid in bitcoin or altcoins. To play the game, users have to go to Chipotle Buy the Dip where they can create a Chipotle Rewards account or login to their existing rewards account.
From there, users are taken to a “How To Play” screen where they can begin playing the “Buy the Dip” game. The game is meant to be a fun gamified way to buy the dip, not in the real-world but on a screen.
Buying the dip refers to the practice of purchasing more of an asset when its price drops. The idea of buying the dip is sometimes linked to bitcoin, but it has existed for a lot longer than bitcoin. Even back in 1929, when the stock market crashed, people were “buying the dip”. It just had a different name back then.
Some people have criticized Chipotle for “luring in gullible people” and adding to the crypto-gambling-frenzie and YOLO lifestyle that was rampant during the 2021 bull run.
It is true that a lot has become a meme in the last two years. We saw the rise of meme stocks like Gamestop and AMC, retail investors piling into the market using apps like Robinhood like never before and quick fortunes being made (and lost).
Large corporations like Chipotle are taking advantage and feeding this “meme world” with games like “Buy the Dip”. While Chipotle could be criticized for adding fuel to the “crypto casino” and altcoin speculation that was so rampant in the last year, it’s probably a net positive that the large Mexican food chain is allowing customers to pay in bitcoin.
During the 2018 bear market a lot of companies and banks that announced they were getting into the bitcoin space pulled out. They got sucked in by the retail hype but abandoned their plans when the market crashed.
During this bear market it seems that the opposite is happening. A lot of companies that got pulled in by the hype are staying in the space despite the downturn, and a lot more are joining despite the price drop, including major banks that are offering bitcoin trading and custody to customers.
Chipotle’s $200,000 giveaway and “Buy the Dip” game, if anything, is a sign that the 2022 bull market is significantly different than the 2018 one. Despite the negative news of Tesla selling 75% of their bitcoin holdings, the collapse of UST and Luna, and the bankruptcies at Celsius, Voyager and Three Arrows Capital, a lot of large players are realizing that bitcoin is here to stay.
Just like retail investors have to learn how to navigate bear markets, we’ll likely see a lot of large companies change their strategies or make fun of bear markets in the future.
