Buy the dip or the often-used acronym BTFD encourages investors to buy an asset while the price slumps down. The expectation is of course that the price is going to recover in a short time. Therefore, a dip is not a change in trend but rather a short-term correction during a bull market. It seems that in the US Chipotle took this expression literally and wants us all to buy the dip.
What has the restaurant to offer and how is it going to combine Mexican food with crypto?
Pay your taco with crypto
Chipotle accepts 98 different cryptocurrencies in its restaurants, including Bitcoin, Ethereum, Solana, and Dogecoin. This is not the first contact with crypto since the company launched a program called “Burritos or Bitcoin” to celebrate the national Burrito day. The payment option is available because of a partnership between Chipotle and Flexa. Only customers who are using a Flexa-enabled app can pay for their food with crypto.
According to a press release Chipotle would like to connect with the Web3 community and empower fans to buy the dip. And while the company won’t provide financial advice on the current state of the market, it offers a variety of delicious dips and a game that is open to qualified US citizens.
US customers can visit chipotlebuythedip.xyz and win either a dip or crypto with a total value of $200.000.
Should we really buy the dip?
Some analysts believe that Bitcoin reached a point that could be described as the sweet spot. Others are warning that this is not the bottom and that the global economy could face a recession and possibly stagflation.
The marketing campaign of Chipotle isn’t necessarily an indicator of whether one should buy crypto or not. It is a clear statement that crypto is going to stay no matter how prices will develop and that affiliation with crypto and Web3 is something that is viewed as positive.
This stance isn’t obvious since critics are all over the environmental impact of mining. In other cases, companies with a strong product seem to reject the idea of Web3. Only recently Minecraft has made clear that they won’t tolerate tokenization of in-game content and have no plans for NFTs. This shows that the opinion about crypto and what it is going to become in the future is still up for debate.