A Russian entrepreneur has filed three patent applications that would grant him the right to distribute “vodka that trades on the Bitcoin, Ethereum, and Ethereum Classic brand names.
As reported in local Russian news outlet Life.ru, Yekaterinburg businessman Dmitry Troitsky hopes to capitalize on the surging popularity of bitcoin, ethereum, and other crypto assets by turning them into brand names for the country’s most famous alcoholic beverage.
However, although it is expensive to register trademarks, the entrepreneur told the publication that he had not yet developed a business plan to produce and distribute his Bitcoin Vodka.
“I can not say yet how it will look and when it will be released the goods with the name of the crypto currency. But I’m sure that it can be useful, that’s why I submitted an application for registration, and then what to do with this business, it will be seen,” the entrepreneur stated.
The publication explained that Troitsky will likely contract with an established liquor producer to bottle this new line of vodka, as he has apparently done with several brands in the past.
Perhaps the only thing more curious than the decision to release crypto-themed vodka is the timing. Russian regulators have signalled their intent to begin cracking down on domestic cryptocurrency usage, beginning by blocking websites that belong to bitcoin exchanges and trading platforms. Russian President Vladimir Putin has reportedly called for even called for the country to issue a state-backed cryptocurrency of its own, the crypto ruble.
With this climate as a backdrop, the release of Troitsky’s crypto vodka will set up an interesting battle for market share between the Bitcoin brand and another popular domestic vodka brand whose name is translated “Russian Currency” after the ruble (as well as the fact that the drink has been nicknamed “liquid currency” during times of financial distress).
Bitcoin Vodka faces an uphill battle; Life.ru reports that Russian Currency is one of the most popular vodkas in the domestic market. However, bitcoin makes a practice of defying expectations, so existing liquor producers would be wise to not count this new vodka line out yet.
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Last modified: July 3, 2020 9:26 AM UTC