Companies routinely roll out new loyalty programs with much fanfare but arouse little to no excitement from investors, at least until they can show some returns. Now one Hooters franchisee has shown how to change this: just use these magic words: bitcoin, crypto and blockchain.
Chanticleer Holdings Inc. (NASDAQ:BURG) is the owner of several fast food restaurant brands including nine Hooters joints as well as a minority investor in Hooters of America. The company’s stock price jumped by 50% on Tuesday after it announced plans to use Mobivitymind, a “blockchain-architected platform” to create a cryptocurrency customer loyalty and rewards program.
“We wanted to expand our existing loyalty program with something that really changes the way our customers can leverage their rewards; Mobivity Merit is real cryptocurrency, leveraging the same infrastructure and principles of bitcoin, ethereum, ripple, litecoin, and more, and will enable our customers to make use of their rewards in entirely new ways,” said Michael D. Pruitt, Chairman, President and CEO of Chanticleer Holdings.
Mobivity and Chanticleer only plan to begin the deployment of this new program beginning in about six months. They expect it to be deployed across all their brands by the end of the year. It will simply allow a customer to use the loyalty points they “mined” by eating a burger at one brand to get a buffalo chicken sandwich at another, or “trade them with a vegan friend so he can get a veggie burger.”
One would expect that stock investors would wise up by now and demand to see more than promises of groundbreaking technology. However, as we seen time and time before, companies turn up the blockchain hype to eleven because it delivers, for them. Unless market regulators will put a stop to this, the trend has no end in sight.
“Eating a burger is now a way to mine for cryptocoins! Every meal enjoyed at any Chanticleer Holdings brand will accrue currency for the consumer that can be used for future meals or traded with other consumers. It transforms traditional consumer rewards into something that the consumer can control,” said Dennis Becker, CEO of Mobivity.
Why are stock investors flocking to fake “bitcoin” companies instead of going for the real deal? Tell us what you think in the comments section below.
Images courtesy of Shutterstock.
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Author: Avi Mizrahi