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The cryptocurrency industry is presently witnessing a slight collapse, with well-known enterprises either trying to take aggressive measures to avert disaster or outright failing as cryptocurrencies themselves experience a sharp decline in their price.
Going on the similar trends, the recently established NFT-themed Bored and Hungry restaurant, according to the Los Angeles Times report, now does not include cryptocurrencies as a method of payment for its food.
This move has come in the middle of a price volatility crisis that has surrounded the crypto ecosystem from all sides. It is important to mention that Bored and Hungry, the first cafe in the world with a Bored app theme, was the first restaurant to take Ethereum and ApeCoin as a form of payment for its services.
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Suspension of the Crypto Payments
When asked about the timing of the move to remove cryptocurrency from the list of payment alternatives, the employees made no comment. They also declined to discuss whether they knew whether the decision would be taken to reinstate crypto payments.
According to several press reports, most of its visitors didn’t appear to care about cryptocurrency payment alternatives, and visitors weren’t especially interested in “the restaurant’s devotion to the crypto mission.” Several customers at the restaurant claimed that they merely visit the place for the cuisine but are not avid cryptocurrency enthusiasts.
So far, Andy Nguyen, the owner of this place, has not made any comment behind the decision to no longer accept cryptocurrencies as a mode of payment. Ethereum and ApeCoin, the cryptocurrencies that Bored and Hungry first embraced, are currently worth around 23% and 17% of their recent peak, respectfully.
The industry as a whole is expected to be worth just under a third of how it was at the beginning of 2022. Although the reason behind Bored and Hungry’s move to stop accepting cryptocurrency payments is unclear, market volatility played a role.
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Price Volatility in the Crypto Industry
ETH was worth around $3,200 at the point of Bored and Hungry’s launch. The ApeCoin, on the other side, was trading at around $11. As of now, Ethereum is priced at $1,242.22, while the value of ApeCoin is $5.20 at the time of writing.
Considering the above circumstances, it would be reasonable for any establishment to be hesitant to take cryptocurrencies in place of dollars, with some cryptocurrencies collapsing more than half of their earlier value since April and experiencing double-digit intraday volatility.
Utility, though, might also play a significant role. An employee of this restaurant has been reported to comment that the cryptocurrency payments were cumbersome and were generally disregarded by customers.
New Restaurant Chain Started Accepting Crypto Payments
The global cryptocurrency and economic meltdown that is currently occurring seem to be in accordance with current changes made to the Bored and Hungry’s payment policy. Still, there are some restaurants for hungry crypto enthusiasts which are still accepting crypto payments from their visitors.
For instance, Mexican fast-food chain Chipotle has allowed customers to make crypto payments through the service provider Flexa in its every restaurant across the United States. Chipotle takes every cryptocurrency that Flexa presently recognizes, such as Bitcoin, Ethereum, and many other altcoins.
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It will be interesting to see whether this payment policy will stand the test of time or will be rolled back, just like the Bored and Hungry case, in the event of any crypto crash.
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