It is no secret that Cryptocurrencies, especially Bitcoin, had an incredible 2017. Bitcoin started the year valued at $998 and in just 11 months skyrocketed to an almost unprecedented $11,500. Bitcoin is by far the most popular cryptocurrency in the market right now with an estimated 14 million users, according to Coindesk. The interest in Bitcoin is growing as analysts predict an even bigger 2018.
One of the countries that has most to gain with the mainstream adoption and growth of Bitcoin is Mexico. More than 56 percent of the Mexican population doesn’t have a bank account. This is because of people’s mistrust in government and financial institutions. It’s also because Mexico has traditionally been a cash economy.
The transparency of Bitcoin could solve this problem. As of this moment, Mexico is waiting for congress to approve a bill called Law Regulating the Financial Technology Institutions or Fintech Law. This bill will add a structure for electronic payment-processing companies to process cryptocurrency transactions.
Many Mexican Businesses have started to accept Bitcoin as payment to take advantage of its massive worldwide presence. Here is a list of some places in Mexico where you can use your Bitcoin.
Tabita Reposteria y Comida Gourmet
Tabita a Gourmet Restaurant and Bakery located in the heart of Mexico City accepts Bitcoin as payment.
Mexican bookstore Gandhi was one of the first companies in Mexico to accept Bitcoin as payment in Mexico. You can pay for books through your online wallet using Pademobile an online payment platform that turns your cell phone into a mobile wallet.
El Diablo y la Sandia, literal translation The Devil and the Watermelon, is a quaint bed and breakfast style hotel in Oaxaca that has been accepting Bitcoin as payment for more than five years. You could be the first person to reserve a room using Bitcoin as still nobody has used the cryptocurrency in their establishment.
An indian Restaurant in Puerto Vallarta accepts the cryptocurrency since 2013.
Cafe Punta del Cielo
At one of its coffee shops located at the Universidad de las Americas in Puebla Cafe Punta del Cielo started accepting Bitcoin as payment. Right now they only accept Bitcoin as payment in that particular coffee shop, but if enough people show interest they will expand the service to all of their stores. Cafe Punta del Cielo is the biggest Mexican coffee shop chain in the country, if they start to accept Bitcoin as payment nationally more businesses will follow.
Also from Puebla, Rearquitectura an architect firm specializing in industrial and residential housing, accepts Bitcoin through Bitsopay. Bitsopay is an online platform where you can accept payments from customers using Bitcoin. Bitsopay is owned by Bitso, the biggest Bitcoin exchange in Mexico.
Mobla has been selling furniture in Guanajuato for over 70 years. They not only accept Bitcoin as payment, the store has its own Bitcoin ATM.
Another store that has its own Bitcoin ATM is Fantastico Comics located in Mexico City.
A popular photography company in Puerto Vallarta photo is taking advantage of the trend and accepts Bitcoin as payment. You can even see Bitcoin being advertised as a form of payment in their website.
Barbacoa del Puerto
Perhaps the strangest place in this list that accepts Bitcoin as as a form of payment is Barbacoa del Puerto. Barbacoa is a preparation of meat (usually sheep, goat, or beef) that is steam cooked in an underground oven until very tender and succulent and is usually eaten in street corners in Mexico.
Belize Real Estate
Belize, a little country on the southern tip of Mexico, is the first to allow you to buy real estate using Bitcoin. You can complete the entire process in Cryptocurrency with certain approved developers.
As such, Belize is the first country to allow for “large dollar” transactions in Crypto. Sure, you can buy a Subway Sandwich, buy on Amazon, or get a Starbucks gift card in the US. But it’s nearly impossible to exchange larger amounts of Bitcoin for other assets such as real estate.
Panama Residency
You can also get residency in Panama using your Bitcoin. Invest $20,000 in Panama’s reforestation visa program, plus legal and government fees, and you can get the world’s most popular second residency.
For more information, please contact us HERE. I hope you enjoyed this article: Where can you use Bitcoin in Mexico. Here are some additional articles on Cryptocurrency and Mexico. Enjoy!
Buying Land in Mexico – Slow Down and Smell the Cactus
Real Estate Investment Potentials in Mexico
An Expat’s Guide to Getting a Mexican Residency
Baja California: A Haven for Maquiladoras
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