On 22nd Oct. 2018, UK based Craft Beer giant, BrewDog, opened a bar in London that accepts Bitcoin for payments. Interestingly, the Canary Wharf-based pub varies its markup based on the movement of the Financial Times-Stock Exchange 100 Index (FTSE). According to a report from Drinks Business, the FTSE index prompted pricing applies to a “special beer tap.”
The pub overlooks the Bellmouth Passage, and the canal linking old North and the South Docks reputed for trading. According to the company, the pricing of beer depends on the performance of the market. A rise in the FTSE will translate into an increase in beer prices. Conversely, a decline in the FTSE will result in an infinite supply of beer at a steep discount.
In an official blog, BrewDog reiterated that the new location is the second cashless bar in the company’s portfolio. However, it is the first location that will accept cryptocurrencies, allowing its clients to pay using Bitcoin or Bitcoin Cash. The Company encouraged clients to come with their credit cards and loyalty cards to redeem discounts any of its joints.
Additionally, apart from the grand opening ceremony, BrewDog promised to run a Bitcoin cash giveaway. The first 100 attendees will receive a BCH wallet pre-loaded with crypto between £12 and £100 from BrewDog.
Before the development by BrewDog, Entrepreneurs Glenn Burgess and Alan Grant had pioneered a real-time, automated booze “stock-exchange” bar. The Reserve Bar Stock Exchange was established in 2015 with pint retiling for under £3. Alan Grant was very clear at the launch that
“Alcohol doesn’t have to be sold at an extortionate rate.”
In Early October, Mr Wolfs club became the first club in Bristol to accept Bitcoin as payment for a pint. The event occurred on a single Monday night. The one-off event offered those in Bristol a chance to use Bristol’s Bitcoin community an opportunity to pay using Bitcoin.
The event was done to support Dog and Bird’s documentary project while also proving that Bitcoin payments are viable. Mark Wolf said:
“I fully support Bitcoin, and I absolutely think it has a bright future as an alternative payment method with a lot of benefits for small business.
Although Cryptocurrencies have not been regulated in the UK, the government undertaking research to evaluate the actions to adopt. However, going by the trends, it is clear that the cryptocurrencies are gaining wide acceptance by merchants in the UK.