Chipotle Accepting Crypto Now Isn’t a Big Deal
Alright, it’s official. You can now trade your Bitcoin (BTC) for a burrito bowl. The general sentiment online seems equal parts congratulatory and jubilant. Or maybe that’s just our Twitter feed. Nonetheless, Chipotle accepting crypto now isn’t the breakthrough towards mass adoption some folks appear to think it is. But it is newsworthy… At least to some degree.
Don’t expect a big bump in valuations in the crypto markets from this announcement though. A retailer adding crypto to its payment options isn’t really a pioneering move anymore. We’ve seen a slow swell in adoption for years. And we’re not talking about the now infamous $300 million Papa John’s order back in 2010. Popular cryptocurrencies have been working their way into the retail fold in a much more legitimate way for years.
Back in 2019, one of the co-founders of Gemini, Cameron Winklevoss, told Forbes, “We’re finally realizing the promise of crypto in payments.” He said this after waving a QR code on his phone in front of a payment system at Starbucks to pay for a cold-brewed coffee.
At the time, the SPEDN app built by Flexa was still in its beta stages. But it’s since been adopted by the likes of Nordstrom (NYSE: JWN), Lowe’s (NYSE: LOW) and GameStop (NYSE: GME), among others. So, while Flexa adding more merchants to its list of adopters is interesting, Chipotle accepting crypto as a form of payment isn’t going to be a major catalyst. This isn’t what’s going to turn the crypto markets around. But there is a small, temporary perk worth mentioning.
How To Take Advantage of Chipotle Accepting Crypto
Now that crypto is crashing, folks are looking to unload their tokens. We don’t think that’s the smartest move right now. But we’re long-term holders. For us, the crash equals opportunity. That being said, we’ve only invested what we could afford to lose. Not everybody is in the same boat here. So if you’d rather trade your crypto for a meal instead of cash, here’s how to go about it.
It begins with your smartphone. Android users can head to the Google Play store. And iPhone users will head to the Apple App Store. From there, download Flexa’s SPEDN app. This is what folks will need to use to take advantage of Chipotle accepting crypto.
Once you have the app, you’ll need to create a Flexa ID. Then you’ll have to transfer some crypto to the unique deposit address in the app. Keep in mind, Flexa doesn’t work with all cryptos. But the list it does play nice with is a pretty long one.
Once you have some acceptable crypto in your Flexa account, the rest is easy. When you’re ready to spend your digital coins, open the SPEDN app back up and select Chipotle as the store you’ll be using it at. This will bring up a “flexcode” that can be scanned at the point-of-sale system. And in the blink of an eye, your crypto balance is converted to dollars. You can cover all or part of a purchase using SPEDN. And the first time you use the app, you’ll get 10% off your purchase. So it might be a good idea to load up and not skimp out on the guac.
Bitcoin, but make it **burritos.**
— Flexa (@FlexaHQ) June 1, 2022
What To Take Away From All of This
We’re not sure how much overlap there is in the Venn diagram of crypto users and Chipotle fans. But it’s safe to say there’s at least some. And if they want to use their Bitcoin for burritos, more power to ‘em.
But with Bitcoin, Ethereum (ETH) and Solana (SOL) trading at or near 52-week lows, we think the big winner from this promotion is likely going to be retailers. Chipotle accepting crypto amidst this dip in the markets is likely to be fortuitous in the long-term.
Crypto isn’t going away. Despite the calls from skeptics getting louder amidst the crypto dip, blockchain technology that’s partially powered by crypto plays an integral role in too many things now. It plays a role in supply chain efficiency and insurance claim reduction. And it will play an indelible role in powering the metaverses of the future. For this reason, we think Chipotle accepting crypto is gonna make them a pretty penny in the future. But from our point of view, we’d rather hold onto those pennies for now.