Economic Insider

Crypto Restaurant Bored & Hungry Puts a Hold on the Crypto Payment Method

Crypto market crash puts restaurants payment method on hold

In the past few years, Crypto has blown up as a popular form of digital currency. As such, many businesses have started accepting it. They giving their customers more options for payment besides cash or credit cards.

In Long Beach, California, a restaurant has decided to take the concept of cryptocurrencies one step further. Their plan is that by making this change in their business. They will be able to get ahead with current trends and become more appealing for customers. Who want to use digital currency without having to use credit cards.

The recent market crash proved to be a major obstacle for Bored & Hungry, the crypto-centric restaurant. The company opened its doors in April. As aspirations of pioneering new territory by offering cryptocurrency as a mode of payment.

Payment In USD

The restaurant has only recently taken payments in USD. It remains to be seen if Bored & Hungry will once again embrace its crypto roots.

Andy Nguyen, the founder of Bored & Hungry, created his restaurant after acquiring four NFTs from the Bored Ape Yacht Club collection. He decided to use these tokens as inspiration for what would become an innovative business model.

“We spent a little over $267,000 on the main ape, which is the one with our logo,” said Nguyen. “On the mutant apes, we spent between $65,000 and $75,000 each.”

The idea started as a temporary business for 90 days, but the pop-up store accumulated success. So Nguyen decided to spin it off into a permanent restaurant. Integrating the crypto method of payment as the store’s main feature.

The restaurant offers a variety of options for those wanting something different than the typical burger. Whether people are looking to indulge in some beef or vegans, Bored & Hungry offers both.

The restaurant has struggled to find its footing since the crypto market crash in May. As a result, all prices are listed in US dollars now and it’s unclear when. If they will accept cryptocurrency again, according to an anonymous employee.

Opinions expressed by Economic Insider contributors are their own.

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