WEBVTT - There’s A Bitcoin Bar In NYC. Why?

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<v Speaker 1>This is Bloomberg Crypto, a daily Bloomberg I Hood podcast,

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<v Speaker 1>and I'm Aldana Hirich in today for Stacy Marie Ishmael.

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<v Speaker 1>It's Tuesday, Janum It's and the crypto community is hoping

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<v Speaker 1>to pull out of its funk and put the blow ups, bankruptcies,

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<v Speaker 1>and priced slumps of the last year in the rear

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<v Speaker 1>view mirror. While some remain hopeful turning out ideas for

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<v Speaker 1>more fruitful and perhaps some more community driven crypto future,

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<v Speaker 1>others are still smarting from last year's carnage. But now

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<v Speaker 1>both groups have a place where they can toast a

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<v Speaker 1>revival or drawn their sorrows at a new bitcoin theme

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<v Speaker 1>bar in New York City called pup Key. Pop Key

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<v Speaker 1>recently opened in Lower Manhattan and it's a short walk

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<v Speaker 1>away from New York University's College campus, and the bar

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<v Speaker 1>is meant to attractive community of bitcoin enthusiasts along with

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<v Speaker 1>the bitcoin curious. I recently went to pub Key with

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<v Speaker 1>my colleague Muya Shan and she joins me now to

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<v Speaker 1>talk about what we saw and what this bar could

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<v Speaker 1>mean for the bitcoin community. So you and I went downtown.

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<v Speaker 1>We took a trip. It was a nice, long, cold

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<v Speaker 1>wintry night in New York City, maybe just paint for

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<v Speaker 1>the audience. Why you and I went and what we saw.

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<v Speaker 1>You know, as always been known as a fellow food

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<v Speaker 1>lovers at Boomberg, I follow a lot of articles and

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<v Speaker 1>instagrams about the latest restaurants and bars in the city,

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<v Speaker 1>and you know, I was like, you know, there's never

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<v Speaker 1>gonna be a chance I would be writing anything about

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<v Speaker 1>these restaurants, which has been my dream doing that as

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<v Speaker 1>a crypto reporter. You mean, yes, yes, And then this

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<v Speaker 1>one day, I was like reading the story on Eater

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<v Speaker 1>about actually there's a Bitcoin bars done somewhere by West

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<v Speaker 1>Village closer from New York University that served like the

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<v Speaker 1>bigcoin community specifically, and I was like, Hey, there's this

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<v Speaker 1>idea that I can actually write about bar slash restaurant place.

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<v Speaker 1>And I was like, it might be a good idea.

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<v Speaker 1>And then you know, here we are at this Bigcoin

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<v Speaker 1>bar in downtown New York. So you and I had

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<v Speaker 1>hot dogs, they have beers, they have potato salad, they

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<v Speaker 1>have fried mozzarella, and tell us about the theme and

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<v Speaker 1>the decorations that were on the walls and at the place.

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<v Speaker 1>I think for anyone who knows a little bit about

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<v Speaker 1>crypto or bitcoin. You're walking there, you immediately will feel like, okay,

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<v Speaker 1>this is a bigcoin or we say a crypto saying

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<v Speaker 1>the bar one thing caught me like sort of like

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<v Speaker 1>my attention immediately was just like a pile of like

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<v Speaker 1>Russia balls. And you can see a lot of infamous

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<v Speaker 1>people in crypto which contribute to the collapse of who

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<v Speaker 1>were there, for example SPF on FTX, and then we

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<v Speaker 1>have Alex Maschinski from Celsius and do Kan Fontara and

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<v Speaker 1>of course Susu who co founded crypto hedge fund ser Arrows.

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<v Speaker 1>And then also there was a honey badger right, oh yeah,

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<v Speaker 1>that's the bitcoins um spirit animal because the honey badger

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<v Speaker 1>don't care. Okay, So we went down there, We had food,

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<v Speaker 1>we had a lot of fun. We talked to a

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<v Speaker 1>lot of the people who were there that night, met

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<v Speaker 1>some very cool people. But there's a catch to the bar, right,

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<v Speaker 1>which is what it's a bitcoin bar, but it doesn't

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<v Speaker 1>accept bitcoins payment yet. It doesn't accept bitcoin is payment yet.

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<v Speaker 1>It was my first question when when you and I

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<v Speaker 1>decided to go down there, can we pay in bitcoin?

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<v Speaker 1>If we had wanted to pay in bitcoin, and the

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<v Speaker 1>answer is no. We talked to the owner, Thomas. I

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<v Speaker 1>think they reason had a conversation via Twitter with Jack

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<v Speaker 1>Dorsey about how they potentially can work together in the

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<v Speaker 1>future so make it easier for a place like pop

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<v Speaker 1>can't accept bitcoin as payment in the future. Yeah. Thomas

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<v Speaker 1>actually is one of the co owners, Thomas Patrick. He's

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<v Speaker 1>a former Fidelity blockchain executive and he is now running

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<v Speaker 1>the bar. What he told us is that it's just

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<v Speaker 1>super complex as of right now. There's no infrastructure yet

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<v Speaker 1>right for a restaurant or for a bar to be

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<v Speaker 1>accepting bitcoin as a payment or bitcoin as tips. Right. Yeah,

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<v Speaker 1>and uh, I guess plus two sort of like an

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<v Speaker 1>argument some people we talked to you at the bar

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<v Speaker 1>was also that why would you pay stuff in bitcoin anyway?

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<v Speaker 1>Because a lot of for them bitcoins the digital gold,

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<v Speaker 1>you know, like you, yeah, do you buy stuff with gold? No,

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<v Speaker 1>And they think they believe the thing applies to bitcoin,

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<v Speaker 1>like it's just for them, it's kind of down to

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<v Speaker 1>pay things with bitcoin. They would rather just hold it.

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<v Speaker 1>As we know, the whole culture of yes, hold on

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<v Speaker 1>for dear life. Okay, So tell us more about some

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<v Speaker 1>of the people behind the bar, so we mentioned Thomas,

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<v Speaker 1>he's the co owner of former Fidelity person. And then

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<v Speaker 1>there's also a chef, the chef behind the menu. Tell

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<v Speaker 1>us about him because he caught your eye because you're

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<v Speaker 1>a huge foodie and you you know who these people are.

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<v Speaker 1>You know, all the best restaurants in the city, and

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<v Speaker 1>he actually used to work at some of the best restaurants.

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<v Speaker 1>I think, you know, we obviously we order a bunch

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<v Speaker 1>of food items there before we talk to everyone at

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<v Speaker 1>the bar. I know you're vegetarian, you don't get a

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<v Speaker 1>chance to try. I would say that hot dog was

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<v Speaker 1>one of the best hot dogs I had in a

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<v Speaker 1>real long time as a non hot dogger lover. And

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<v Speaker 1>the chef behind us star is Greg Bruschell, who actually

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<v Speaker 1>used to work at you Live Medicine, which is a

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<v Speaker 1>smationing star in your city. I mean, personally, I'm curious

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<v Speaker 1>about his sort of life story. How did you come

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<v Speaker 1>all the way from the finest dining restaurant in the

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<v Speaker 1>whole city to this kind of dive bars in place,

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<v Speaker 1>and you know, making some hot dogs and burgers for people,

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<v Speaker 1>and the food was the pricing was very very good.

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<v Speaker 1>So we got hot dogs for something like eight dollars,

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<v Speaker 1>you can get a super cheap beer and what did

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<v Speaker 1>we say, drown your sorrows away, your crypto sorrows away.

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<v Speaker 1>We talked to the co owner, Thomas, about why he

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<v Speaker 1>felt the city needed a place like this for crypto

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<v Speaker 1>enthusiasts or crypto fans or bitcoin fans too to be gathering. Right, yeah,

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<v Speaker 1>I think historically, which you know, the history of crypto

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<v Speaker 1>and bitcoin isn't that long, but um, most conversations and

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<v Speaker 1>most gatherings have been happening online. You know, you go

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<v Speaker 1>to Telegram, go to discord and crypto Twitter, etcetera, etcetera.

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<v Speaker 1>I guess that worked especially well it is a pandemic

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<v Speaker 1>and everything, but to some degree, especially with the crypto winter,

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<v Speaker 1>I guess a lot of people wanted more sort of

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<v Speaker 1>like a physical gathering where you can kind of like

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<v Speaker 1>you know, huddle together and like talk about what went

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<v Speaker 1>through the past year and as prices crash and all that.

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<v Speaker 1>I guess like Thomas really wanted place that people can

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<v Speaker 1>go like meet everyone in person and kind of like

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<v Speaker 1>have the sort of warmth and like you know, outside

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<v Speaker 1>the internet, we do have a place that people can

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<v Speaker 1>just meet together and feel totally comfortable talking about bitcoin

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<v Speaker 1>and crypto et cetera. But I feel like the bar,

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<v Speaker 1>even though it's a bitcoin sam bar, Like you know,

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<v Speaker 1>it welcomes everyone and people can go there. You don't

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<v Speaker 1>have to know anything about bitcoin. You guess you'll have

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<v Speaker 1>a good time enjoying some really delicious drinks and food.

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<v Speaker 1>Hot talks. Everybody loves hot talks except the vegetarians. Well,

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<v Speaker 1>they will have a big type, they say they will

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<v Speaker 1>after after I complained. Yes, up next more with Bloomberg

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<v Speaker 1>Report Mayo on hot pub Key, a small bar is

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<v Speaker 1>shaping the bitcoin community in New York City. We'll be

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<v Speaker 1>right back. So, yeah, you and I met a lot

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<v Speaker 1>of interesting people there, and it turns out our producers

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<v Speaker 1>actually also took a visit. They took a trip down

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<v Speaker 1>to the Bitcoin Baron and I love for bloom Birth

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<v Speaker 1>and we're covering this bar which is like bitcoin. So

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<v Speaker 1>Sharon is joining us right now so she can tell

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<v Speaker 1>us more about what she saw and the types of

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<v Speaker 1>the types of people that she she met while she

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<v Speaker 1>was there. Yeah, that's rightful, Donna. Basically, just my colleague

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<v Speaker 1>Janner and I we went down there because we just

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<v Speaker 1>wanted to get more of the feel for this new bar.

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<v Speaker 1>It was really interesting because as soon as we got there,

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<v Speaker 1>I would say, like, just how you described at Vildanna, Like,

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<v Speaker 1>it's a very like low key, down to earth, discrete bar,

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<v Speaker 1>Like exactly, it's like basement level, you have to go

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<v Speaker 1>down a few steps. There isn't this huge banner that's

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<v Speaker 1>like bitcointine bar here, It's like it's very intimate. And

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<v Speaker 1>I started talking to a few people, and I remember

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<v Speaker 1>I ran across this group of young women. They went

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<v Speaker 1>their mid to late twenties. They work in tech. I'm Cynthia,

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<v Speaker 1>I'm I'm Judy, I'm six. They're also yousbobers and they

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<v Speaker 1>are crypto enthusiasts. And I spoke to them and I said, so,

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<v Speaker 1>how did you hear about this bar, because obviously this

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<v Speaker 1>bar is quite new. So we actually came here because

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<v Speaker 1>it was a bitcoin bar, and we found out about

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<v Speaker 1>it on Bloomberg Business as well. So yeah, that's why

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<v Speaker 1>we're here. That's aw yes, that's us that's why we're here.

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<v Speaker 1>That's so cool. And they really loved they loved the bar, um,

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<v Speaker 1>they loved the whole vibe of the bar, and they

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<v Speaker 1>were particularly really into didn't the fact that the bar

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<v Speaker 1>was essentially an approach to create a community in New

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<v Speaker 1>York City or either bigcoin curious or bigcoin savvy individuals.

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<v Speaker 1>Um I would also recommend to people who are like intercryptal,

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<v Speaker 1>because I felt like they need a place to like, uh,

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<v Speaker 1>to have happy hour. And the funny thing is, we're

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<v Speaker 1>just back from like three sixty eight, which is like

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<v Speaker 1>the base for like content creators like YouTubers, instagrammers, tik talkers,

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<v Speaker 1>and there we we just pay our visit for the

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<v Speaker 1>first time and we saw like so many people, like

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<v Speaker 1>like many people, they are working on their content creations,

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<v Speaker 1>work there, are being directors, they are having their business,

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<v Speaker 1>and that itself is so inspiring. And I felt like

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<v Speaker 1>for Web three or like blockchain, we need a place

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<v Speaker 1>where when you go there, you know you're gonna meet

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<v Speaker 1>like miny people, you're learn from them, and you'll have

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<v Speaker 1>a community. So I'm so glad that this place probably

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<v Speaker 1>going to be that place. So yeah, oh great, thank

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<v Speaker 1>you guys so much. And I think those two young women,

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<v Speaker 1>the YouTubers to software developers, they told you that it's

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<v Speaker 1>also a fun place for them to be after having

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<v Speaker 1>been such a hard year, right exactly. And when I

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<v Speaker 1>spoke to them, they said, you know, last year, obviously

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<v Speaker 1>there was so much distress going on in the crypto world,

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<v Speaker 1>but this particular you know bar, despite what people might say,

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<v Speaker 1>despite like the skepticism or concern that people have for crypto,

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<v Speaker 1>it's actually a really good initiative for people who are

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<v Speaker 1>willing to learn about crypto, and that it kind of

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<v Speaker 1>moves it in some direction past the sort of gray

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<v Speaker 1>cloud of what was gray more like a black with

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<v Speaker 1>thunderstorms makes them heavy rain, a tornado. Okay. And then

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<v Speaker 1>you also ended up speaking with Thomas, the co owner,

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<v Speaker 1>and a couple other people who are behind the bar, right,

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<v Speaker 1>what did they tell you? Exactly? I spoke to Thomas.

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<v Speaker 1>He told me basically his mission behind opening up this bar.

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<v Speaker 1>I mean, he had been working in bitcoin for many,

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<v Speaker 1>many years, and he told me that he had frequented

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<v Speaker 1>that same bar, you know, from the previous owner before

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<v Speaker 1>it was bitcoin themed, very very very frequently with his

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<v Speaker 1>wife and that was kind of like their go to

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<v Speaker 1>bar of sorts, and sort of when post COVID happened,

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<v Speaker 1>they sort of found themselves in the wake of like

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<v Speaker 1>transitioning back into the real world. We always had the

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<v Speaker 1>idea of sort of creating a bitcoin cultural center, clubhouse,

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<v Speaker 1>something that's housed within a pub or a tavern. Typically,

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<v Speaker 1>these are great places to talk about things. Alcohol has facilitated,

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<v Speaker 1>you know, conversation for thousands of years, particularly around difficult topics,

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<v Speaker 1>revolutionary topics, you know, massive you know changes in you know,

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<v Speaker 1>local communities or global communities. So we thought it would

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<v Speaker 1>be a perfect venue to try a new type of

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<v Speaker 1>establishment and a new approach to the conversation. I think

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<v Speaker 1>you met with Drew Armstrong as well. He's a minority

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<v Speaker 1>owner and he's very into the coin mining. What did

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<v Speaker 1>he tell you? Absolutely, I spoke with Drew arms to

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<v Speaker 1>wrong and he is the minority owner and sort of

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<v Speaker 1>when I was speaking with Tom, actually I asked him,

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<v Speaker 1>you know, because a lot of it is obviously creating

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<v Speaker 1>a community or encouraging a community of you know, krypto

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<v Speaker 1>enthusiasts in New York City, and I asked him if

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<v Speaker 1>there were you know, a push for events that kind

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<v Speaker 1>of sponsored that thinking or you know, in any way

0:13:21.040 --> 0:13:23.719
<v Speaker 1>sort of cultivated a group of people to come in.

0:13:23.880 --> 0:13:26.520
<v Speaker 1>It's very common for like bars to have like trivia nights,

0:13:27.080 --> 0:13:30.079
<v Speaker 1>or like, I don't know karaoke. I don't know stuff

0:13:30.160 --> 0:13:34.400
<v Speaker 1>like that, and karaoke is fun. I don't fash it.

0:13:34.800 --> 0:13:38.720
<v Speaker 1>I'm a horrible singer, but I like karaoke too, and

0:13:38.760 --> 0:13:41.840
<v Speaker 1>he said absolutely. You know, they started doing this monthly

0:13:41.880 --> 0:13:45.120
<v Speaker 1>meet up where they're basically kind of going to discuss

0:13:45.120 --> 0:13:47.880
<v Speaker 1>bitcoin mining in the in the mining industry. So it'll

0:13:47.920 --> 0:13:49.640
<v Speaker 1>be a recurring meet up where we'll bring in different

0:13:49.640 --> 0:13:51.600
<v Speaker 1>folks in the industry that Thomas and I are friends

0:13:51.640 --> 0:13:54.160
<v Speaker 1>with or you know, have have gotten to know over

0:13:54.200 --> 0:13:57.240
<v Speaker 1>the course of the years. And you have to kind

0:13:57.240 --> 0:13:59.560
<v Speaker 1>of create a place for people to come and learn

0:13:59.600 --> 0:14:02.240
<v Speaker 1>about the cooin mining, whether they're in the industry and

0:14:02.600 --> 0:14:04.680
<v Speaker 1>are curious for different people's thoughts, or if they have

0:14:04.760 --> 0:14:07.520
<v Speaker 1>no idea what bitcoin mining is. It really has meant

0:14:07.520 --> 0:14:10.720
<v Speaker 1>for every one. I asked Drew, you know, given the

0:14:10.760 --> 0:14:13.840
<v Speaker 1>state of the mining industry right now, what would you

0:14:13.880 --> 0:14:16.959
<v Speaker 1>probably say to someone who is kind of concerned about

0:14:16.960 --> 0:14:20.400
<v Speaker 1>getting into mining, And he actually was really optimistic. I

0:14:20.400 --> 0:14:22.400
<v Speaker 1>think it's one of the most interesting times to be

0:14:22.480 --> 0:14:27.240
<v Speaker 1>in bitcoin mining, especially with all these bankruptcies and restructuring,

0:14:27.640 --> 0:14:30.720
<v Speaker 1>some distress M and A and so I I started

0:14:30.760 --> 0:14:33.120
<v Speaker 1>my career investment banking. I could see a lot of

0:14:33.680 --> 0:14:37.440
<v Speaker 1>uh call it crypto interested finance grows and finance girls

0:14:38.080 --> 0:14:40.720
<v Speaker 1>being interested and just like coming and hearing what's going

0:14:40.720 --> 0:14:46.800
<v Speaker 1>on from people in the industry. And then lastly, you

0:14:47.000 --> 0:14:50.080
<v Speaker 1>also ended up talking to some people who didn't realize

0:14:50.080 --> 0:14:52.840
<v Speaker 1>that it was a bitcoin bar. Yes, yes, I I

0:14:52.920 --> 0:14:55.560
<v Speaker 1>approached a group of people and I said, would you

0:14:55.640 --> 0:14:57.200
<v Speaker 1>like to talk about pub key and how it's a

0:14:57.280 --> 0:14:59.640
<v Speaker 1>bitcoin themed bar, and they sort of looked at me

0:14:59.680 --> 0:15:04.160
<v Speaker 1>with like rush and they were like, what, I didn't

0:15:04.200 --> 0:15:07.480
<v Speaker 1>know this was bitcoin themed. And they sort of told

0:15:07.480 --> 0:15:10.520
<v Speaker 1>me that they, you know, were um, you know, they

0:15:10.520 --> 0:15:13.120
<v Speaker 1>were are in attendees of the bar from the previous owner,

0:15:13.800 --> 0:15:15.680
<v Speaker 1>and that they had just come to visit the bar

0:15:15.760 --> 0:15:18.560
<v Speaker 1>to see kind to check out the changes it had

0:15:18.640 --> 0:15:20.600
<v Speaker 1>made and to kind of feel the vibe for it,

0:15:20.680 --> 0:15:23.200
<v Speaker 1>and they actually really really pleased with the bar. I

0:15:23.280 --> 0:15:25.520
<v Speaker 1>asked them if they liked it, what they thought about it,

0:15:25.560 --> 0:15:27.800
<v Speaker 1>and they were like, it doesn't hasn't really changed, and

0:15:27.800 --> 0:15:30.320
<v Speaker 1>it just goes to show I think that it's not

0:15:30.360 --> 0:15:33.120
<v Speaker 1>a bar again that it's going to scream to your

0:15:33.160 --> 0:15:35.880
<v Speaker 1>face this is bitcoin themed, you know what I mean?

0:15:35.880 --> 0:15:39.400
<v Speaker 1>Like it's very very like low key, and I think

0:15:39.400 --> 0:15:42.360
<v Speaker 1>this is where we can have our next party, right,

0:15:42.560 --> 0:15:44.800
<v Speaker 1>I agree, Yeah, all of us can just head out

0:15:44.880 --> 0:15:47.720
<v Speaker 1>after work today after they have a vegan hot dog.

0:15:47.760 --> 0:15:53.240
<v Speaker 1>For more, be sure to check out our twice weekly newsletter,

0:15:53.360 --> 0:16:01.680
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0:16:01.680 --> 0:16:05.320
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0:16:21.960 --> 0:16:26.120
<v Speaker 1>Bloomberg Crypto is Vicky Verglina. Our senior producer is Janet Babin.

0:16:26.720 --> 0:16:30.360
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<v Speaker 1>Stacy Marie Schmal We'll be back tomorrow