London Craft Brewery BrewDog Opts For Bitcoin Payments Instead Of Cash
BrewDog, a UK craft brewery that is known for operating a chain of hipster drinking pubs, has opened a special location that is unique for one reason – it accepts only Bitcoin payments. The pub not only accepts bitcoin, but its markup is dependent upon the movement of the Financial Times Stock Exchange 100 Index (FTSE). A report on the Drinks Business publication indicates that the FTSE induced pricing will be exclusive to “special beer tap” being offered at the location.
The bar is located at Canary Warf, which overlooks Bellmouth Passage and the canal that links the North and South Docks. The beer pricing will depend upon how the market is performing. This means that if the market performs well, the price of beer will increase. However, if the market decreases, then beer will be discounted. The pub’s owners, Alan Grant and Glenn Burgess also created the Reserve Bar Stock Exchange, which is an automated stock market for alcohol. The purpose of the exchange was to bypass the “extortionate rate” pricing.
BrewDog released an official blog post and stated that the new location will be one of the first bars to accept cryptocurrency and that allows consumers to pay for their drinks using bitcoin or bitcoin cash. The company also advised consumers to still come with their credit cards, equity punk ID cards, and loyalty cards so that they can redeem discounts at any location.
In addition to opening the Canary Wharf bar location, the company will also hold a bitcoin cash giveaway that promises to give the first 100 attendees a BCH wallet pre-loaded with crypto between twelve and one-hundreds pounds.
This is not the first place that allows customers to pay with bitcoin. A Bristol nightclub recently started accepting bitcoin as well, which shows that bitcoin may be a viable currency.