MONTGOMERY, Alabama (WSFA) – For decades, cash or cards have been the primary payment options when going out, but now some businesses are offering cryptocurrency as an option.
Prevail Coffee on Dexter Avenue in Montgomery is the latest cafe to accept cryptocurrency payments. Founder Wade Preston says it’s not only more convenient for customers, but also benefits his overseas suppliers.
“People can pay with cryptocurrency. They’re paying with a stablecoin, just like they’re paying with a U.S. dollar. And when they do that, a portion of every sale goes to one of our coffee farming partners in Costa Rica,” Preston said.
On Wednesday, a panel discussion was held in the cafe, which included Preston, a representative of the cryptocurrency platform Coinbase, and state representatives from both political parties.
“The reason there’s so much bipartisan support for it, I think, is because it can benefit so many people economically,” said Democratic Rep. Phillip Ensler. “If they have access to this different kind of currency, if they have access to this different kind of technology, that can mean more money in their pockets.”
Republican Rep. Mike Shaw agrees. He first became involved with cryptocurrencies more than a decade ago and says he has seen the technology evolve over time.
“It will be interesting one day when AI and crypto merge a little bit. At some point in the next few years you will see something like that,” he said.
Shaw said the technology is relatively new, so many state lawmakers are still looking into the issue.
“A lot of it is understanding it first. No legislator wants to pass something they don’t understand or are afraid of,” Shaw said.
Republican candidate for the U.S. House of Representatives Caroleene Dobson was also present at the event. She says she has owned cryptocurrency for six years and has spoken positively about it. Dobson is running for Alabama’s 2nd Congressional District.
According to official figures, around 20% of Alabama residents own cryptocurrency.
The question now is whether the new payment method will prevail.
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