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27th Jun 2022

Crypto-themed restaurant forced to diversify to traditional currencies

Emily Mullen

The restaurant had claimed to be the first to accept Ethereum and ApeCoin

A crypto-themed restaurant has reportedly had to stop accepting cryptocurrency as a form of payment following a devastating period for the crypto market.

Bored & Hungry opened in Long Beach, California, earlier this year and proudly boasted that it would be the first restaurant in the world to accept Ethereum and ApeCoin as payment for its burgers.

But following a major crypto crash earlier this month – which has supposedly left Jake Paul broke – the restaurant is now only accepting traditional dollars in exchange for its food, the Los Angeles Times reports.

Ethereum and ApeCoin are both down by more than 60 percent since the start of April and are going through an incredibly volatile period, just like much of the market.

It would therefore not be surprising from a business point of view if the restaurant had decided to revert back to a more stable currency in the form of good old fashioned money.

And an employee at Bored & Hungry could not confirm to the LATimes whether the restaurant would ever start accepting crypto as payment again, even when the market stabilises.

Another member of staff at the restaurant said the crypto payments had often been “unwieldy” and the gimmick had largely been ignored by customers.

Despite these reports, one of the restaurant’s co-founders has since taken to Twitter to deny that the restaurant has stopped accepting crypto, and is simply “adjusting the crypto pricing to match usd (US dollars).”

Earlier this month, the crypto market crashed with the biggest currency Bitcoin falling by 25 percent in the space of a week and trading at its lowest value for 18 months.

This was followed by the largest global crypto exchange platform pausing all Bitcoin withdrawals for a few hours, and crypto lender Celsius doing the same because of “extreme market conditions.”

It is thought that despite being an unregulated world that likes to boast about not being controlled by any bank or government, cryptocurrency was unable to avoid being impacted by the wider economic climate, with investors less keen to buy crypto and traders selling up.

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