Bay Area restaurant begins accepting cryptocurrency
BRADENTON, Fla. — A picture of a dog next to a QR code now hangs in the window at 3 Keys Brewing and Eatery in Bradenton. It shows the latest way you can pay for your burgers or beer, by using Dogecoin.
What You Need To Know
- 3 Keys Brewing and Eatery started taking Dogecoin on Wednesday
- General manager said it’s a way to stay ahead of the times
- He said he understands the risk but thinks it’s worth taking
- More Manatee County headlines
The cheeky cryptocurrency hit an all-time price high this week when it surged more than 85% in less than 24 hours.
General Manager Tom Desiato said the decision to accept Dogecoin was made as a way for them to adapt and stay ahead of the trends.
They began accepting Dogecoin transactions on Wednesday.
“Given everything that happened in 2020, if you don’t kind of adapt to everything thats going on in the world, you can lose your business,” he said.
The process is set up so any customer wishing to use their Dogecoin can scan a QR code and pay through their Apple wallet. Desiato said he understood the risk involved, because the value of Dogecoin fluctuates daily, but it was a risk they are willing to take.
“If it takes off then we could potentially make money off of that and invest it back into our business,” he said.
David Sacco, an economics professor at the University of New Haven, compared cryptocurrencies to more of a technology stock than an actual currency. But, he agreed that as long as the business is set up for it, it will work in a restaurant setting.
“It’s still kind of feeling its way around,” he said. “I don’t think most people who own cryptocurrencies are going to be using it to transact just yet, but clearly we’re moving more and more in that direction especially as more and more establishments begin to accept it.”
It will just be a matter of if people want to use their Dogecoin for products or services.
“People are not yet thinking about the value of goods and services in terms of how many Bitcoins they’re worth, or how many Dogecoins their worth,” he said. “But the more we talk about it the more legitimate it becomes.”