So, why did the crypto-inspired restaurant stop accepting its own favorite type of currency? The answer lies in the volatility of the cryptocurrency market. Bitcoin recently went through a crash, falling about 70% from its high point, per Bloomberg. After Bitcoin fell, lesser-known cryptocurrencies followed suit. In the finance world, this is known as a “bear market,” per Investopedia. As the crypto coins fall in value, they’re worth less and less — and no restaurant wants to accept worthless money.
It’s unclear if or when the restaurant will return to accepting crypto payments, according to the Los Angeles Times. Even customers who are crypto-enthusiasts themselves said they were lukewarm about using crypto to buy food: “Yes, Ethereum is a currency in a way where you can exchange NFTs and stuff … but as far as buying food and all that, maybe not,” customer Marc Coloma told the Times. He sees Ethereum as more something that you collect and hold onto rather than spend willy-nilly. You wouldn’t use gold or jewelry to pay for your meal at McDonald’s.
Meanwhile, the skeptics at The Takeout were already wary of the idea of using crypto to pay for burgers and fries, citing the difficulty of accepting various versions of cryptocurrency while paying via cash or credit card is commonplace and seamless. Why reinvent the wheel?
Source: https://www.mashed.com/913157/have-restaurants-cashed-out-on-the-cryptocurrency-craze/