Goya Dmytryshchak
A community-owned bar in Footscray is attracting notice for accepting bitcoin, as cryptocurrency becomes more mainstream.
Even the Western Bulldogs’ current AFL guernsey features the logo of cryptocurrency exchange CoinSpot, the country’s largest platform to buy digital currencies with more than one million Australian users.
One bitcoin equals AU$41,947.65 as at Tuesday.
Bitcoin was invented by anonymous entity Satoshi Nakamoto in 2007, and there can only ever be 21 million in circulation.
Pride of our Footscray community bar, owned by 200 part-owners who in 2017 bought $500 shares to establish the LGBTIQA+ venue, has had about 25 patrons buy beer with bitcoin in the past two and a half years.
Licensee or chief bar officer Mat O’Keefe said the venue’s acceptance of bitcoin and a giant bitcoin mural had attracted interest.
Melbourne Bitcoin Only holds regular meetups at the bar, while gender-diverse rapper Robbie P used the mural as a backdrop for their Bitcoin Slang music video.
The mural features Footscray furniture icon Franco Cozzo and Footscray Market, and a giant pink moon with a Bitcoin logo.
“It’s because bitcoin people always joke, ‘bitcoin is going to the moon’, as in it’s going to be really valuable,” Mr O’Keefe said.
No longer a joke, not only has the value of bitcoin skyrocketed, BitMEX crypto exchange this month announced it would put one bitcoin on the moon.
“BitMEX will mint a one-of-a-kind physical bitcoin, similar to the casascius coins of 2013, which will be delivered to the moon by Astrobotic,” Bitmex said.
Mr O’Keefe said people rarely spent bitcoin now and if anyone does, the bar will hang onto it.
“It’s the digital equivalent of gold, he said.
“Gold is special because it’s rare and bitcoins are special because they’re rare.
“There’ll only ever be 21 million bitcoins released and there’s 7.8 billion people in the world, so everyone in the world can only own a fraction of a bitcoin because they’re so scarce.
“It’s amazing to see that the Western Bulldogs, which is such a massive part of this area, have now got a bitcoin exchange company on the back of their jumper.
“It’s got bitcoin out of a niche to be part of AFL football, and football is the most mainstream thing in Australia.”
The Bulldogs’ sponsorship deal marks the first time a cryptocurrency exchange has become a premier partner with a major Australian sports team.
“It’s really pleasing for the club to have secured a partner for the back of our Bulldogs guernsey for the remainder of the 2021 season, and hopefully beyond,” said Bulldogs’ chief executive Ameet Bains.
“CoinSpot is an innovative, forward-looking business, which is entrenched and trusted in the world of cryptocurrency.
“It’s an exciting time for the football club both on and off the field, and our new partnership with CoinSpot helps put us in an even stronger position heading into the future.”
