The crypto market may have tanked today, but this does not mean that the fundamentals have weakened. If anything, adoption is on the rise. One aspect of adoption is the use of cryptocurrencies in everyday payments. A Hong Kong-based Japanese restaurant named Okra has announced that going forward, it would be accepting payments in Bitcoin, Binance Coin, Ethereum, XRP, and Binance USD.
According to the restaurant’s owner, the move to accept cryptocurrencies was triggered by the reduced business due to the COVID-19 pandemic.
He noted that by accepting cryptocurrencies, he had the option to receive payments while taking advantage of the value gains that come with cryptocurrencies. In his view, cryptocurrencies may be risky, but they also present a huge opportunity for his business, even if they increase in value by just 3 to 4%.
The argument presented by Okra’s founder is quite a bullish one for cryptocurrencies. That’s because, rather than shying away from the volatility that comes with cryptocurrencies, businesses are embracing it. This is a big deal because cryptos are highly volatile, and in the past, this has been termed as a factor that could deter adoption.
Currently, cryptocurrencies are down by a huge margin, with most altcoins down by over 10%. However, they can swing back overnight and reward any business that accepts crypto and decides to HODL.
For Hong Kong businesses like Okra, there is an even bigger motivation to adopt crypto, such as inefficiencies in the banking system. The restaurant founder noted that it recently could not access its bank account for over a week.