London Bar BrewDog Dumps Cash Payments for Bitcoin
Craft brewery BrewDog, known in the UK for operating a chain of drinking pubs for hipsters, has openeda bar in Canary Wharf, London, that accepts not only bitcoin but also changes its markup based on the movement of the Financial Times Stock Exchange 100 Index (FTSE). According to a report on the Drinks Business, the FTSE induced pricing will be exclusively implemented on a “special beer tap.”
Due to the location of the bar, which overlooks Bellmouth Passage and the canal linking old North and the South Docks, known for
trading, the company says the pricing of the beer will vary based on how the market is doing. If the FTSE goes up, the price of the beer goes on with it. If it falls, you will have an endless supply of beer at a steep discount. Before BrewDog, entrepreneurs Alan Grant and Glenn Burgess created the Reserve Bar Stock Exchange, an automated stock market for booze, three years ago. At the time, Grant had said that “alcohol doesn’t have to be sold at an extortionate rate.”
In an official blog post, BrewDog said the new location would also be the first of its bars to accept cryptocurrencies, allowing consumers to pay for their spirits using bitcoin or
bitcoin cash and the second cashless bar under the company’s domain. The company advised consumers to come with their credit cards and their Equity Punk ID Card, a form of loyalty card that allows holders to redeem discounts at any of BrewDog’s location.
In addition to the grand opening of the Canary Wharf bar, BrewDog will also run a bitcoin cash giveaway, promising to give the first 100 attendees a BCH wallet pre-loaded with crypto between £12 and £100.
Earlier this month, Mr. Wolf’s , a nightclub in Bristol had an event where customers were allowed to pay for a pint of beer with bitcoin for the night. Mr. Wolf’s was ecstatic about the one-off event, which was done to support the documentary of two movie producers and prove that bitcoin could be a viable currency in a society that is fast becoming cashless.