Business

Bitcoin believers hoping their faith will pay off

“If we’re the first restaurant in New England accepting bitcoin, it’s a no-brainer,” says Thelonious Monkfish’s Jamme Chantler.
“If we’re the first restaurant in New England accepting bitcoin, it’s a no-brainer,” says Thelonious Monkfish’s Jamme Chantler.Matthew J. Lee/Globe Staff

This is a summary. To read the whole story subscribe to BostonGlobe.com

Jay Best walked into the Thelonious Monkfish restaurant in Cambridge with no intention of paying for his sushi rolls with cash or a credit card. Best planned to settle the tab with bitcoin, a virtual currency. But when he pulled out his smartphone to calculate the bill, Best was dismayed to discover the value of a bitcoin had plummeted from $266 the day before, to below $80. Suddenly, old-fashioned cash seemed more appealing.

For bitcoin users, such volatility has become the norm. At the start of 2013, a single bitcoin was going for $15. After zooming past $200 over several months, the currency tumbled to about $50 less than a week later. Since then, it’s once again climbed, and as of Monday was valued at $142.

Full story for BostonGlobe.com subscribers.

Get the full story with unlimited access to BostonGlobe.com.

Just 99 cents for four weeks.

Share