Fri 10/3 @ 7PM
One of the difficulties involved in the adoption of Bitcoin as currency is explaining it to people. It’s a digital payment system whose “crpyto-currency” exists only in the virtual world. That certainly is going to make many people uncomfortable even though that’s pretty much been the case with our bank accounts and credit cards for decades. (Bitcoin however is not backed by any bank.)
The new film The Rise and Rise of Bitcoin might make things clearer — or maybe not. It springboards on the story a Pittsburgh computer programmer who discovered Bitcoin in 2011 and became obsessed with it, using his fascination with the currency to peel away the layers and explore its background, its cast of characters, and its impact.
“Will the rise of Bitcoin bring a monetary paradigm shift that will forever change the world?” the filmmakers ask.
You don’t have to go far to hear how the film addresses that provocative question. It’s having its world premier this week in New York, Los Angeles — and Cleveland Heights, at the Cedar Lee Theater.
Why, you ask? Actually, for two good reasons.
The rights to the film were purchased by Michael Murphy for Los Angeles-based distribution company Gravitas Ventures where he is president. Murphy grew up in Cleveland Heights and earned his law degree from the University of Akron before heading out to the west coast. In the last year, he and his wife returned to Cleveland Heights to live.
But there’s an even more compelling reason than hometown loyalty. Cleveland Heights is home to one of the world’s only two “Bitcoin Boulevards.” (The other is in the Netherlands.)
What that means is that a cluster of businesses — eight on Lee Road and four nearby home-based businesses — have agreed to accept the currency. The project was kicked off by the Wine Spot, which began accepting it on February 3. Bitcoin Boulevard U.S. officially launched on May 1.
There’s one rub:
“The state of Ohio says you can’t use Bitcoin to purchase alcohol,” says Wine Spot owner Adam Fleischer. “It’s has ruled that Bitcoin is a commodity, and you cant barter for alcohol. IRS does not recognize Bitcoin as currency. Texas accepts it, California and New York recognize it. We’re actively working with state liquor board on the enforcement side trying to get them to understand it. So we take it for everything but alcohol — things like cheese plates and T-shirts.
Since the Wine Spot’s main business is selling craft beers and wines, he’s eager to change that, although he’s said he’s had quite a few customers using Bitcoin in his establishment.
With a Bitcoin Boulevard under our very noses, the movie premier is going to be a big deal. The Wine Spot will host a meet-and-greet with the filmmakers and a short “Bitcoin 101” program at 4:30. At 6 pm there’ll be a red-carpet event at the Cedar Lee prior to the screening at 7pm and a post-film Q&A with filmmakers Patrick Lope and Daniel Mross. And there’s an after party at Parnell’s on Lee, one of the businesses that takes Bitcoin.
The film will then run through 10/9. And hang onto your stub because the Bitcoin merchants — including Katz Diner Club, Revive, Sweetie Fry, Mitchell’s Chocolates, Parnell’s and the Wine Spot will have specials all the following week if you show it.
Fleischer sees Bitcoin Boulevard as a great way to market Lee Road and Cleveland Heights well beyond city boundaries.
“We’ve had a lot of people coming to Lee road from outside, as far as Dayton to spend Bitcoin because they can,” he said. “There’s not a lot of brick and mortar businesses who accept Bitcoin at this point so they look for places they can spend it. It’s good for the area. We think the movie is going to draw people from out of state.”
“Bitcoin is getting a lot of traction,” he added. “Six months ago when we started it, no one knew what Bitcoin was. Dell accepts it, Apple announced they’re getting into the market. Paypal and Square take it. Cleveland Heights has been on the forefront.”