A luxury US hotel chain accepts Bitcoin, Dogecoin and other cryptocurrencies as a means of payment

Bitcoin price passed the vaunted $ 50,000 mark for the first time on Tuesday

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Cryptocurrency users can now pay for their hotel rooms with Bitcoin, Dogecoin and Ether when staying at a Kessler Collection hotel.

The luxury hotel group, which owns hotels in Alabama, Colorado, Georgia, Florida, North Carolina and South Carolina, announced Tuesday that it would accept cryptocurrencies, including the meme token Dogecoin, as payment.

“This move will make it easier for guests traveling around the world, both in terms of time saved switching to a local currency exchange and money saved with a lower exchange rate,” said Fravy Collazo, Kessler’s chief financial officer.

The announcement comes as more institutions like Tesla and the Dallas Mavericks commit to using cryptocurrencies as a means of payment.

While Mark Cuban, owner of Dallas Mavericks, has stated that Dogecoin has no intrinsic value and is just “fun”, his NBA team is now the largest Dogecoin dealer in the world. Last week he announced that the team had completed more than 200,000 transactions using the token.

Customers in the hotels of the Kessler Collection can pay with Bitcoin, Bitcoin cash, ether, Dogecoin and stablecoins USDC, Binance USD, Gemini Dollar and PAX.

Given that many Bitcoin investors are preaching the message of “HODL,” which means holding the cryptocurrency for the long term and avoiding its sale, it is hard to imagine the hotel chain seeing a huge surge in Bitcoin payments after this announcement becomes.

“If you’re optimizing for the growth of your investments, a better question is why should you go on vacation when you can invest those funds in crypto?” Thomas Perfumo, director of business operations and strategy at Kraken, told Insider. “An investor could otherwise simply buy and transfer additional crypto without reducing their holdings, all within minutes or hours.”