Enjoy Your Sip of Beer With A Tip of Bitcoin In Mexico City

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  • Bit­coin expe­ri­enced a 10% growth rate in its val­ue in 2023.
  • Bit­coin Embassy Bar is a per­fect gath­er­ing place to hold Bit­coin com­mu­ni­ty meetings.

Dur­ing the last few years, investors world­wide have been fas­ci­nat­ed to start invest­ing in dig­i­tal cur­ren­cies. Cryp­to has become a hot top­ic in the fourth dig­i­tal rev­o­lu­tion, with heat­ed debates and inter­est among reg­u­la­tors, finan­cial insti­tu­tions and cen­tral banks. Latin Amer­i­ca is one of the fastest-grow­ing regions in devel­op­ing phys­i­cal infra­struc­ture for cryp­tocur­ren­cies. In 2022, Latin Amer­i­ca record­ed 9.1% of the glob­al cryp­to val­ue. The adop­tion of Bit­coin is increas­ing late­ly across the world.

Cryp­tocur­ren­cies have a sep­a­rate fan base in Mex­i­co. Cryp­to ana­lysts believe Mex­i­co has immense poten­tial to swell the cryp­to remit­tance mar­ket. The use of the lead­ing cryp­tocur­ren­cy Bit­coin is on the rise in Mex­i­co. The price of Bit­coin is unpre­dictable, BTC expe­ri­enced a 10% growth rate in its val­ue in 2023. On Feb 5, the Bit­coin mar­ket opened at $23,362 and gained 0.13% in the past 24 hours. It has increased by more than 1.5% from the past week.

Bit­coin Embassy Bar is a per­fect gath­er­ing place to hold Bit­coin com­mu­ni­ty meet­ings, and the cus­tomers can use Bit­coin for pay­ment. This Bit­coin-themed bar is locat­ed in Mex­i­co City’s Roma neigh­bor­hood. The front ele­va­tion looks like a cool bar offer­ing soft drinks, beers and hamburgers.

The club opened its doors to the cryp­to com­mu­ni­ty in 2018 through Lore­na Ortiz. At the start of 2018, Ortiz dis­cussed her cre­ative idea to devel­op a space for Bit­coin­ers in Mex­i­co City with the cofounder of Bit­coin bar, David Nor­ie­ga. With his tech­ni­cal Bit­coin expe­ri­ence, Nor­ie­ga helped Ortiz to open the first-ever Bit­coin bar in Mexico.

Lore­na Ortiz along with David Nor­ie­ga said, “Bit­coin Embassy Bar came from an idea to cre­ate space for the Bit­coin com­mu­ni­ty and those involved in the blockchain and cryp­tocur­ren­cy to meet up more reg­u­lar­ly than with conferences.”

The Mex­i­can cryp­to ecosys­tem has grown over the past two years. In mid-2021, Mex­i­co-based Bit­so, a glob­al cryp­tocur­ren­cy exchange, was record­ed as Latin America’s “first cryp­tocur­ren­cy uni­corn.” At the end of 2021, Elek­tra, a con­ve­nience store, said it would accept Bit­coin for pay­ments. In 2022 the chair­man of Grupo Sali­nas, Sali­nas Pliego, revealed that 60% of his liq­uid port­fo­lio was in Bitcoin.

Crypto remittance firms are mobbing to Mexico

Sur­pris­ing­ly, most cryp­to firms are set­ting up cryp­to plat­forms in Mex­i­co to acquire remit­tance mar­kets. Accord­ing to 2021 World Bank Sta­tis­tics, Mex­i­co is the world’s sec­ond-largest ben­e­fi­cia­ry of remittances.

In Feb 2022, the US-based cryp­to exchange Coin­base decid­ed to trans­fer cryp­to remit­tance to Mex­i­co from the US. And anoth­er pop­u­lar cryp­to firm Teth­er is also plan­ning to claim remit­tance in Mexico. 

Malaysia-based Bel­frics cryp­to exchange revealed its plans in August 2022 to launch “cryp­to trans­fer oper­a­tions in Mexico.”

Nancy J. Allen
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