A Nashville hotel is trying to take bitcoin to the next level with its new bitcoin-focused networks.
The Nashville Hotel Group (NHTG), which is owned by Nashville hotel chain Hilton Nashville and the city’s Chamber of Commerce, announced the development on its Facebook page.
It plans to begin accepting bitcoin in its hotels in March, the NHTG wrote.
It is looking for investors to back its plans, and has received more than $1.5 million in venture capital, according to a news release from the NhtG.NHTGs goal is to create a bitcoin-based hotel network that provides a low-cost alternative to the hotel industry, said Chris Wilson, NHTGs chief operating officer.
The company is looking to use the bitcoin network to operate as a “cashless hotel,” Wilson said.
Nashville’s hotel industry is suffering from declining revenue, according, and hotel bills are high.
The hotel industry has been struggling to make ends meet amid a severe downturn in the industry.
Bitcoin has the potential to provide a way to reduce costs while still keeping customers happy, Wilson said, adding that the hotel chain is open to other ways of utilizing bitcoin.
Nathaniel J. Stierch, co-founder of the Bitcoin Investment Trust (BIT), said Nashville’s partnership with NHTFs new networks is an important step forward for the Nashville hotel industry.
“This is a big step forward in the way bitcoin is being utilized in the hotel space,” Stierich said.
“NHTF’s leadership is an example of what can happen when the Nashville government gets involved in a sector of the economy that has traditionally been controlled by the hotel and travel industry.
It will be interesting to see what happens next.”
Bitcoin transactions are currently regulated by local and state governments in the U.S. and in most countries.
Bitcoin transactions are considered illegal under the U