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Bored & Hungry Abandons Crypto Payment in Favor of USD Following Market Crash

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Crypto-themed restaurant Bored & Hungry puts hold on crypto payment

Cryptocurrency has been the talk of the decade and has long been tipped to become an official mode of payment. As a result, several businesses have integrated crypto into their system through the years, giving holders an alternative to cash.

In Long Beach, California, one restaurant decided to take the concept to the next level by becoming the first eatery to take digital currencies. However, while the idea may be appealing, it seems that the restaurant was too early in implementing cryptocurrency into its system.

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Bored & Hungry, the crypto-centric restaurant, opened its doors in April, intending to pioneer the crypto theme in the restaurant industry. However, the recent market crash proved to be a major obstacle, and the restaurant is feeling its effects.

For the past couple of days, Bored & Hungry has only been taking payments in the form of USD, and it remains to be seen when the restaurant will return to its crypto roots.

Bored & Hungry was founded by Andy Nguyen, who acquired four NFTs from the Bored Ape Yacht Club collection. From there, he decided to create a business with his tokens’ image and rights.

“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 concept of Bored & Hungry initially started as a temporary business for 90 days, but the pop-up store amassed incredible success. So Nguyen decided to spin it off into a permanent restaurant.

The restaurant offers traditional burgers made from beef and a vegan option for those practicing the lifestyle.

Bored & Hungry’s restaurant used all the aesthetics of the crypto era, adorning the walls and tableware with Bored Ape NFT. And while the restaurant prided itself on using crypto as payment, it also added prices in US dollars.

Since the crypto market crash in May, the restaurant has struggled to find its footing. As a result, Bored & Hungry has listed all prices in US dollars. While Nguyen was unable to give a comment, an anonymous employee shared that they were uncertain when or if the restaurant would accept crypto again.

With the unpredictable nature of the market, it remains to be seen just how long it will take for Bored & Hungry to return to crypto as a form of currency.

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Based in LA, Alice Blake is a senior reporter for Kivo Daily. She primarily covers entrepreneurs.

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