There are more hotels around the world willing to accept crypto for room stays and additional payments. It looks like the worlds of digital currency and hospitality are coming together once and for all as more resorts have opened their hearts to the assets.
Hotels and Crypto… A Perfect Match!
The moves are pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.
It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.
That’s what makes enterprises like these hotels so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from.
One of the hotels willing to accept bitcoin and other digital assets is called Soneva. As a resort in both Thailand and the Maldives in Southeast Asia, staying guests can use bitcoin and Ethereum to pay for their experiences. These assets can also be used to secure real estate for foreign buyers.
Bruce Bromley – the chief financial officer and deputy chief executive at Soneva – commented in an interview:
At Soneva, we have always endeavored to be a pioneer in the hospitality industry. Hence, accepting cryptocurrencies as a payment method is another example of enabling our international guests to easily make payments from anywhere in the world.
Recognizing Crypto as a Valid Payment Method
Another hotel to accept crypto is the Sri Panwa in Phuket. It recently wrote on Twitter:
Go luxury, go crypto! Beginning September 15, Sri Panwa will start accepting cryptocurrency as a form of payment. Recognized coins will be bitcoin, Ethereum, USDT, and USDC. With this move, we hope to increase our flexibility and security, offering our guests additional peace of mind.