Fun

Bitcoin Bar ‘Room 77’ Shuts Down

News Feed - 2020-10-20 02:10:45

Bitcoin Bar "Room 77" Shuts Down


Room 77, the German bar and restaurant that claims to be the first retail outfit in the world to accept bitcoin payments, has shut down. Cypherpunk Holdings chief economist Jon Matonis broke the news on Twitter. Bar owner Jorg Platzer later confirmed it on Reddit.


“Room 77 is closing for good,” Platzer revealedin a rather futuristic, celebratory post on Oct. 18. “We think our mission is accomplished and it is time to go back to our home planet. Thanks for all the fish and the generous tips!”


No official reason was given for the closure of the Berlin-based joint. But there’s suspicion this may have been related to the coronavirus pandemic. Lockdown restrictions linked to Covid-19 have hit the global hospitality industry hard.


In Berlin, strict restrictions on the sale of alcohol remain in place, with bar operators banned from selling the product from 11 p.m. to 6 a.m. The measures have badly affectedprofits.


Located in Kreuzberg, Berlin, Room 77 began accepting bitcoin (BTC) as a means of payment in 2011, becoming the first bar, and most likely the first private retail outlet, in the world to do so. Since then, the drinking spot has developed into something of a pilgrimage site for bitcoiners, who patronize the place for its BTC payments and more.


“Before we did that (accept BTC), all media coverage about bitcoin was about hackers stealing credit card details and selling them on the black markets,” Platzer said in a 2018 interview, highlighting how the establishment had changed media perceptions and coverage around the top cryptocurrency.


In the crypto community, people responded to Room 77’s closure with fond memories of the past.


“End of an Era: Room 77 in Berlin closes doors permanently!” tweeted Jon Matonis, the Cypherpunk Holdings chief economist. “Blame it on Covid or blame it on gentrification. Either way, this Kreuzberg landmark has served as a Bitcoin watering hole for over 10 years, with thousands making the obligatory pilgrimage. Thx for the memories, Joerg!”


Redditor @etrnetm said: “Thanks for providing the unofficial embassy of Bitcoin in Berlin to us earthlings. We shall meet again.”


In his Reddit post, Platzer concluded: It is clear by now that nobody will stop bitcoin anymore. Sound money on a global scale will soon make it unfeasable to wage wars and it will create economic equality amongst mankind. We estimate it will take you less than another century to rise and join the intergalactic community.


What do you think about the unexpected closure of Room 77? Share your thoughts in the comments section below. Monetary Stability: The IMF and Fed Chair Jerome Powell Discuss Digital Currency Implications NEWS | 3 hours ago Peter Schiff"s Euro Pacific Bank Under Investigation by Tax Authorities in 5 Countries NEWS | 11 hours ago Tags in this story Berlin, Bitcoin, Bitcoin Acceptance, coronavirus pandemic, COVID-19, Cypherpunk Holdings, German bitcoin bar, Jon Matonis, Jorg Platzer, Kreuzberg, Merchant, Room 77


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Show comments

News Feed

2025 Bitcoin Predictions: Top Fund Manager Shares His Outlook
Este artículo también está disponible en español. In a thread on X, Alistair Milne, the co-founder and Chief Investment Officer (CIO) of the Altana Digital Currency Fund
Unofficial GameStop memecoin’s $4M token presale draws investor controversy
Christopher Roark6 hours agoUnofficial GameStop memecoin’s $4M token presale draws investor controversyThe memecoin project wants to follow in the footsteps of the Wall Street Memes token, but it has allegedly yet to s
Turkey proposes aligning crypto legislation with international standards
Prashant Jha15 hours agoTurkey proposes aligning crypto legislation with international standardsThe draft law aims to govern crypto asset service providers, crypto asset platform operations, crypto asset storage, and cry
Gareth Jenkinson47 minutes agoCME overtakes Binance to grab largest share of Bitcoin futures open interestMarket analysts weigh in on an intriguing ‘flippening’, as Bitcoin futures open interest on global derivatives
Coinbase ‘Will Not Institute a Blanket Ban’ on All Transactions Tied to Russian Crypto Addresses
Coinbase "Will Not Institute a Blanket Ban" on All Transactions Tied to Russian Crypto Addresses The popular cryptocurrency exchange Coinbase has addressed the request from Ukraini
Second phase of crypto bull market about to start, says on-chain analyst
Marco Castrovilli7 hours agoSecond phase of crypto bull market about to start, says on-chain analystThe crypto market is transitioning from the “enthusiastic bull” phase to the “euphoric bull” phase, claims on-ch
Bitcoin Dominance Slides Losing 10% in the Last 100 Days
Bitcoin Dominance Slides Losing 10% in the Last 100 DaysBitcoin’s Dominance Index has slid 10% from a high of 67% on May 10, to a low of 57% today. Despite the defi market sha
BNB Uptrend Gears Up: 10% Jump Brings $724 Resistance Into Play
Este artículo también está disponible en español. BNB is riding a strong bullish wave, surging over 10% as bullish momentum continues to build. This impressive rallyhas b
Brandon Ginsberg11 hours agoHow agencies can play a role in NFT and digital collectable creationNo matter their specialization, agencies have a unique power to shape the trajectory of Web3 adoption and elevate the realm
Prashant Jha14 hours agoSEC has 3%–14% chance of success in Ripple appeal, lawyers predictThe SEC has already dismissed charges against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen, while the retail XR
Report: Huobi to Start Layoffs That Could ‘Exceed 30%’ — Founder May Sell Stake in Company
Report: Huobi to Start Layoffs That Could "Exceed 30%" — Founder May Sell Stake in Company According to the Chinese journalist Colin Wu, otherwise known as “Wu Blockchain,
Central Bank of Brazil Chooses Nine Institutions to Study Digital Real Possibilities
Central Bank of Brazil Chooses Nine Institutions to Study Digital Real Possibilities The Central Bank of Brazil and Fenasbac, the National Federation of Associations of Central Ban