Bitcoin Chaser - September 13, 2016
Bitcoin friendly restaurants have been a fixture in our landscape for quite a while. Integrating bitcoin payments is a logical step for any restaurant that wants to be on the map of cryptocurrency users around the world. It broadens the customer base for targeted marketing, especially given the fact that bitcoin users are actively looking for establishments that accept the currency. Eat Me Bangkok, one of the most sought after restaurants in Thailand has joined the trend, not surprisingly as the cryptocurrency becomes a more sought after asset in Asia.
A quick look at Eat Me’s official website reveals a lot about the bitcoin component in its strategy. The restaurant caters to travelers and accepts other currencies apart from bitcoin and the Thai Baht. Within this context, the addition of bitcoin seems not only like the next logical step, but a great way of targeting its marketing efforts to a crowd that is increasingly open to the use of bitcoin in the South East Asian region.
Apart from that, for restaurants like Eat Me which have such a great reputation, accepting bitcoin payments alongside payments in other currencies could be part of a wider hedging strategy. Being over-exposed to a currency like the Baht has its drawbacks; being over-exposed to traditional currencies can also be perilous. Eat Me can now enjoy the fruits of diversifying its holdings and using the currency it pleases to meet obligations. This has a potential to add a little more cream to that bottom line.
For the Bitcoin community, apart from having another great choice for top notch meals in their travels, it is a victory against the stigma that bitcoin still suffers from. The more acceptance the cryptocurrency gains, the less people will focus on false claims that have harmed its reputation. Hopefully other restaurants will follow in Eat Me’s footsteps and will also accept bitcoin payments.
So far, restaurants and other such establishments that accept bitcoin are mainly located in North America and in Europe. In Asia in general it is not as easy to find bitcoin friendly restaurants. There are a couple in South Korea, some in Japan and even a few in Singapore. This limits the options that the bitcoin traveler has when travelling outside North America and Europe, but finally it seems that the situation is changing.
If the Eat Me bitcoin payment policy gains momentum elsewhere in Asia, then the continent will move from one in which bitcoin is used mainly to hedge against financial volatility or to gain access to foreign assets wherever restrictions are still in place, to a continent which will enjoy its participation in the bitcoin economy fully. For the time being, if you are a bitcoin traveler and you happen to be in Bangkok, Eat Me will provide a great culinary experience which you can pay for using your favorite currency.