Cryptocurrencies are making daily leaps that will finally see their mainstream adoption. The latest milestone involves the first cryptocurrency bar that launched in posh financial area in London. According to a Brand-e report, the facility is under management by London?s premiere entertainment joint, BrewDog.
Interestingly, the bar also features a draught beer whose price movement correlates with the movement of the FTSE 100 index. Dubbed Hop Exchange, the platform will facilitate the pricing of the bar?s beer to go parallel with FTSE 100 index.
The first cryptocurrency bar will only accept BTC and BCH
As the Herald Scotland reports, the joint will become the first cryptocurrency bar at the Canary Wharf site. Initially, the joint will only accept Bitcoin (BTC) and Bitcoin Cash (BCH). Also, BrewDog has plans to expand the business into the digital payments niche, The Herald Scotland adds.
Early September, the NightClub&Bar reported that a drinking app that uses cryptocurrency is available. Dubbed Hooch, the app suggests best drinking joints and also facilitates payments via crypto. Per the bar industry news outlet, this could be the time bars joined the cryptocurrency movement.
However, the NightClub&Bar observes that it will be every bar owners choice to make. ?Every bar owner and operator will have to decide that for themselves,? the news outlet writes.
Crypto facilitates growth
Nonetheless, using cryptocurrencies will help bar owners collect guest data which is invaluable in the bar industry. According to Hooch founder Lin Dai:
?Smart data helps business owners make intelligent decisions. Operators need to know the demographics of their guests, including what demographic groups contribute the bulk of revenue.?
This way, an operator will also be able to target the millennials who are a very high value group. Incidentally, most of them are into cryptocurrency. This is another great reason for bars to go digital. Basically, this is just about bar owners adjusting according to the latest industry dynamics.
Further, Dai explains that if a night club had adopted cryptocurrency 12 months ago, ?they would have earned $5 for every $1 spent on growth.? Furthermore, ?If an operator were to accept crypto from a greater percentage of guests who have it, they?d be well on their way to 10X their revenue.?