After months of rumors and speculation, the highly anticipated “Bitcoin Bar ‘Room 77′ Shutters Down” finally occurred. The establishment, which has been around since 2020, will be closing its doors on August 14th following the announcement from CEO Matthew Keys that the company would be shifting focus to a more strategic plan.
The “Bitcoin Bar Room” began with a New York City pub-themed bar and restaurant featuring beers, cocktails, wine and food in addition to live performances by a DJ. Keys, a former hedge fund executive, started the establishment in Brooklyn, New York City after purchasing a small pub. In the beginning the “Bitcoin Bar Room” enjoyed popularity among those in the New York City area who were looking for an alternative investment or a place to conduct business.
The bar-and-restaurant quickly gained a reputation for being both a fun environment for people to hang out in as well as a convenient place to conduct business with other people who were interested in investing in the virtual currency. Keys initially offered several services in addition to a wide variety of drinks, ranging from regular drinks to special concoctions like the “Baron Von Bad-Ass,” a concoction of gin, lemon juice, amaretto, lime, mint and ginger ale. In addition, he also offered a free burger as well as hot dogs in addition to the regular menu items.
Keys soon realized that there was a large demand for more than just drinks and food. He decided to offer a variety of different services that would allow people to make money by conducting transactions on his online site. He eventually came up with the idea of using virtual money as a trading medium, one that would allow users to invest in “virtual gold.”
Keys’ site allowed users to deposit any amount of virtual money into their accounts for a price determined through a complex mathematical algorithm. He also made it possible for users to make trades without actually having physical money on hand. He created a trading platform for each virtual currency that allowed users to perform trades based on the value of each coin at any given time. The system allowed users to buy and sell the same currency based on its value at any time throughout the day while also allowing them to set the exact amount of their deposit.
In order for the business to continue, Keys had to expand the number of employees that worked on the website as well as make more changes to the website to add new features. In addition to the various tools that had been built, he decided to make a number of new advertisements to increase the visibility of the website to potential customers. Eventually, Keys decided to sell the entire advertising space to a company that provides internet marketing in addition to search engine optimization.