Bitcoin certainly has had a wild ride in 2017. Its price has risen from around $1,000 at the start of the year to over $13,000 at the time of writing. At one point, less than a month ago, you’d have to fork out almost $20,000 to buy a single Bitcoin. The market was clearly over-extended as the mania surrounding the launch of Bitcoin futures subsided, so too did the price. Recently, fear and uncertainty over legislation in South Korea has put a temporary dampener on the party but with the price still over 13 times what it was at the beginning of the year, there’s still plenty to celebrate this New Year’s Eve.
If you really want to flaunt the Bitcoin wealth you amassed this year, a club in Singapore could be the ideal venue for you to bring in the New Year. It’s called Skyline and it’s located on the 45th floor of a a luxury skyscraper which overlooks the city-state’s glamorous waterfront. It’s the first club in the nation to accept payments in cryptocurrency. The party they’re hosting this evening is called “Bianco” and has an all white dress code. The ultimate hospitality package they offer will set you back an entire Bitcoin. This includes a limousine collection, butler, champagne, oysters, and caviar.
Despite the opulent service provided, the bar manager Subaish Rajamanickam told UK newspaper the Mail that no one had taken the club up on their elite New Year package yet. However, other cryptocurrency-themed nights there have had greater interest. He told AFP news about the decision to offer payments in Bitcoin, Ethereum, and the crypto events they’d hosted:
“We had a couple of cryptocurrency after-parties here, and we have also themed a night … called Crypto Thursdays… So that basically got the ball rolling for cryptocurrency acceptance here at Skyline.”
Despite the various digital payment options presented, most transactions still happen in cash. This is likely due to the volatility associated with cryptocurrency prices, as well as recent network congestion on both the Bitcoin and Ethereum blockchains. Unfortunately, due to the surge in popularity of digital payment methods, neither network can handle the large numbers of transactions users are trying to make. This creates a scenario where people are forced to ramp up the fee to the network. Increased fees incentivise miners to include transactions quickly. However, they do render overburdened blockchain-based cryptos useless for making micro-payments. Paying $20 for a $13,000 hospitality package isn’t so bad. That same fee for a $35 round of drinks is ludicrous.
If you’re at a loose end in Singapore later this evening, and have a whole Bitcoin to burn on indulgence, why not hit up Bianco. Alternatively, you could just pay in inflationary fiat currency, and save your crypto for a rainier day. If the average price trend is anything to go by, you’ll thank yourself later.