A tea stall in Bengaluru is making headlines for accepting Bitcoin as payment from customers.
22-year-old Shubham Saini, owner of the tea stall named ‘The Frustrated Drop Out’, said that he started accepting Bitcoin as a mode of payment after some customers offered to make the payment in the cryptocurrency, as per a report in Indian Express.
Saini was introduced to crypto market trading when he came to Bengaluru in search of job opportunities. The youngster soon learnt the tricks of the trade and was successful enough to turn his normal life into a “lavish” one. The Indira Gandhi University, Rewari alumnus also dropped out of his BCA final semester to switch full time to crypto trading.
However, things took a negative turn In April 2021, when the crypto market crashed and 90 per cent of Saini’s crypto portfolio dipped. Unable to ask for financial assistance from his parents, he decided to set up a tea stall in Bengaluru.
According to the 22-year-old crypto enthusiast, the “popularity of using crypto to buy something as simple as tea” helped his business gather steam. Today, on average, at least 20 new customers a week use cryptocurrency to pay for their purchases, he said. The stall has now become a popular hangout spot for crypto enthusiasts.
Cryto payments are made via the crypto platform Paxful. The tea stall has on display a placard that shows the updated rupee to the dollar rate. “Any customer who wishes to make the payment has to simply scan the QR code just like UPI, convert INR to the dollar, and then make the payment in cryptos,” he told the publication.