Tilman Fertitta, Chairman and CEO of Landry, told CNBC on Tuesday that most of the brands in his restaurant chain will soon be accepting Bitcoin as a means of payment.
In an interview on “Power Lunch” The billionaire businessman described the move as an “inevitable” move in mainstreaming cryptocurrencies.
“We’ll likely have it in all of our restaurant brands – or 80% to 90% – in the next 90 days where you no longer need to use Mastercard, Visa or American Express. You can use Bitcoin or other digital currencies,” said Fertitta.
Choose Mastro’s locations – one of Landry’s upscale concepts, with more than a dozen restaurants in the U.S. starting taking bitcoin this week, Fertitta said. The company’s other brands include Morton’s The Steakhouse and Bubba Gump Shrimp Co.
Commenting this was not a new step for him, Fertitta referred to his luxury car dealership in Houston for doing it accepted the digital coin since 2018. “The Houston Rockets are taking it too,” said Fertitta, who owns the NBA team.
“It is amazing how easy the transaction is and how long it will take. Here it is and it is inevitable that this will happen,” added Fertitta.
Fertitta’s comments come Tuesday about three weeks after real estate developer Rick Caruso’s company of the same name announced plans for the billionaire Accept Bitcoin as a rental payment in its residential and retail properties. Tesla Customers were allowed to buy their electric vehicles with Bitcoin earlier this year.
Despite these steps there are Tax implications related to using Bitcoin for purchasesbecause the Internal Revenue Service classifies it as property and Bitcoin spending is essentially considered equivalent to selling it.
As a result, someone who pays for an item or service in bitcoin could owe capital gains taxes at the time of ownership transfer – if bitcoin is worth more at that moment than it was when they acquired it.
Bitcoin institutional adoption has increased in recent months. Some companies have bought Bitcoin as an investment, and Goldman Sachs and Morgan Stanley make steps provide asset management clients with exposure the world’s largest cryptocurrency by market value.
At the same time, cryptoskeptics have raised questions about the durability of the Bitcoin rally. As recently as October, the price was below USD 11,000 per token. Bitcoin was trading a little under $ 55,000 on Tuesday.
Bitcoin has so far maintained its characteristic volatility, which is one reason some people wonder if it is an effective means of transaction. “Something that moves 5% a day, 20% in a month – up or down – cannot be currency. It is something else,” said Nassim Nicholas Taleb, author of the bestselling book Black Swan. said CNBC on Friday.
Some crypto bulls say Bitcoin is like digital gold, which can be used to hedge against inflation, rather than as a currency for everyday transactions. Taleb said he won’t buy that either.
“It’s a beautifully set up cryptographic system. It’s well done, but there is absolutely no reason why it should be tied to anything economic,” he said.