Chipotle Invited Users To Unlock $100,000 In Bitcoin: Report

Chipotle invited users to start unlocking $100,000 in Bitcoin on April 1, as the Mexican Grill food chain will allow the users to relieve the tragic story of former Ripple CTO Stefan Thomas that lost access to his 7200 BTC so let’s read more in today’s Bitcoin news.

The American chain of fast-food restaurants, Chipotle Mexican Grill, will have a celebration for National Burrito Day by giving away $100,000 worth of BTC as per a press release. The chief marketing officer Chris Brandt noted:

 “National Burrito Day is a huge moment for Chipotle. 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.”

A painful memory. I hope others can learn from my mistakes. Test your backups regularly to make sure they are still working. An ounce of foresight could have prevented a decade of regret.

That said, I'll do what I always do which is focus on building things, e.g. @Interledger. https://t.co/pCgObeAf4Z

— Stefan Thomas (@justmoon) January 12, 2021

Chipotle will launch a special website that is called “Burritos or Bitcoin” where users will be offered 10 attempts to guess a six-digit password. If they manage to do it, the contestants will win one of the three main prizes of $25,000 in BTC each. Another 50 winners will receive $500 BTC each. According to the release, the contest was inspired by the former Ripple CTO Stefan Thomas that was also the founder and CEO of web content monetization Coil platform as well as co-creator of blockchain payments protocol Interledger.

#bitcoin anyone?

— Chipotle (@ChipotleTweets) March 30, 2021

Thomas became popular earlier this year when a few mainstream media outlets published articles about him losing access to BTC worth $413 million at today’s prices. Thomas had his private keys locked on an encrypted flash drive IronKey and doesn’t remember the password to open it.
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What’s worse is that IronKey gives users 10 tries to enter the correct password and locks forever if none of them succeed.  Inspired by this story, Chipotle invited users to a contest and explained:

 “In a playful ode to Thomas’s experience losing the login to his hard drive that stored $387 million in Bitcoin, Chipotle is encouraging fans to carry out a mock ‘chiptocurrency’ rescue mission and crack the code on its digital wallet.”

The company added that $100,000 in BTC is planned as a prize but another 10,000 users will be able to win free burritos.

Speaking of BTC, Dubbed as Bull Flag, the chart pattern forms once an asset consolidates to a brief period after a huge price surge. It looks like the downside channel was denoted by two parallel trendlines where the price will fluctuate. During this period of consolidation, the volume drops. The cryptocurrency checked out most of the requirements that suggest it is in a bull flag as it was preceding the trend to the upwards.