Lee Road's Bitcoin Boulevard, 18 Months Later

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By Elizabeth Miller

When several Cleveland Heights businesses began accepting digital currency Bitcoin as a form of payment, the response was huge.  Visitors from around the world stopped at what’s known as Bitcoin Blvd. on Lee Road.  But a year and a half later, the Bitcoin hype has subsided. 

In May 2014, 9 Cleveland Heights businesses banded together to form Bitcoin Boulevard, the first of its kind in the US and second in the world.  Today, 2 of those businesses have closed, 1 is not actively accepting Bitcoin, and another has never had a Bitcoin transaction due to the Ohio Liquor Agency’s Bitcoin ban on alcohol purchases.  A further problem is Bitcoin’s value, which decreased massively at the beginning of 2015.  That’s when Bill Mitchell of Mitchell’s Fine Chocolates started seeing a drop in Bitcoin payment. 

"Since the latter part of the winter of this year going through today, here at the end of October, it’s been deader than a doornail," says Mitchell.

Mitchell’s statement is echoed throughout several of the other Bitcoin Blvd. businesses, but some still continue to accept the digital currency as a form of payment.  

 

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