Cedar Lee Theatre

The Cedar Lee Theatre in Cleveland Heights will roll out the red carpet for the world premiere of the film "The Rise and Rise of Bitcoin" on Friday. Hollywood and Los Angeles also will host premieres.

(Courtesy of the Cedar Lee Theatre)

CLEVELAND HEIGHTS, Ohio –- Hollywood, New York City –- and Cleveland Heights -- will roll out the red carpet for the world premiere of the documentary "The Rise and Rise of Bitcoin" Friday at the Cedar Lee Theatre.

Northeast Ohio native Michael Murphy recently moved back to Cleveland Heights after his Los Angeles-based Gravitas Ventures film distribution company opened a Cleveland office. Murphy bought the film rights for more than 500 Bitcoin — or about $234,323 at early September's exchange rates.

"Cedar Lee is one of the best neighborhood movie theaters, so when he was thinking of places for a movie release, it was a no-brainer," said The Wine Spot owner Adam Fleischer, a Bitcoin advocate who is helping organize the event. "I think this is the first time someone has bought movie rights with Bitcoin."

Bitcoin is a digital currency, powered by open-source software and a peer-to-peer payment network among users that is not regulated or controlled by any monetary authority. Consumers download a mobile app or computer program to create a virtual wallet from which they can add or spend Bitcoins.

The Wine Spot became the first Cleveland-area business to accept the digital currency in February, followed by several other businesses in the Cedar Lee district that formed the nation's first Bitcoin Boulevard. The Netherlands has the only other Bitcoin Boulevard in the world.

"This is crazy. Who would have thought that when we launched this thing a few months back, that we would be doing something like this," Fleischer said. "It's just amazing."

A red carpet event will begin at 6 p.m., following by a 7:15 p.m. showing of the film that tells the stories of entrepreneurs and startups that accept and promote Bitcoin.

Meet people involved in making the film and learn more about Bitcoin during a pre-party at 4:30 p.m. at The Wine Spot. A post-party also is set for 9 p.m. at Parnell's Pub. Movie-goers can show their ticket stubs or mention Bitcoin for $1 off beverages.

Several Cedar Lee businesses will offer specials and there will be other movie showings through Oct. 9. Click here for additional showtimes.

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