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Bar proprietor desires to promote two NYC watering holes for $1M in Bitcoin

01/10/2021

“I’m hoping to catch one in all these crypto dudes who all the time wished to personal a bar,” mentioned Patrick Hughes.

New York Metropolis bar proprietor and crypto fanatic Patrick Hughes is providing to promote two of his common eating places within the Hell’s Kitchen neighborhood of Manhattan for cryptocurrency.

In keeping with a report from the New York Submit, Hughes will settle for crypto funds within the type of Ether (ETH) or Bitcoin (BTC) for the sale of Hellcat Annie’s and Scruffy Duffy’s positioned on tenth Avenue in New York Metropolis. An indication in entrance of the bars states that the asking value is 800 ETH or 25 BTC for each properties — roughly $1 million on the time of publication.

Picture courtesy of Tamara Beckwith, NY Submit

“I’m hoping to catch one in all these crypto dudes who all the time wished to personal a bar,” mentioned Hughes, referring to crypto as decentralized, world, and a “scorching forex.”

The 56-year-old Queens native proprietor cited the shutdowns attributable to the worldwide pandemic because the one of many causes behind the sale. Hughes reported he had been compelled to scale back the variety of employees at Hellcat Annie’s and Scruffy Duffy’s by roughly 90%, from 50 individuals earlier than the March outbreak to “5 – 6” right now.

Regardless of the seemingly first ever sale of a NYC bar for crypto, some on social media criticized Hughes for the timing. The worth of Bitcoin has surged to new all-time highs getting into the brand new yr, whereas New York companies are nonetheless struggling the results of the pandemic.

“NYC is a quickly depreciating asset proper now with the exodus of individuals leaving the town,” mentioned Redditor Chuyito. “Laborious cross.”

“Looks like he’s decreasing the variety of patrons for himself,” mentioned Crypto Twitter consumer dladowitz. “Nobody is gonna decide to a value in BTC with a 30-day shut interval for escrow. May double your value.”

Bars and eating places have promoted crypto adoption by providing Bitcoin funds as a medium of trade. Room 77, a bar and restaurant in Germany, was one of many first brick-and-mortar companies to just accept Bitcoin, with one buyer shopping for a pint of beer in Might 2011. The institution closed its doorways in October, which patrons speculating it might have been associated to restrictions because of the pandemic.

On the time of publication, the worth of Bitcoin is $37,761, having fallen 6% within the final 24 hours. The worth of ETH has surged 21% within the final week to succeed in $1,266.

Cointelegraph reached out to Patrick Hughes, however didn’t obtain a response on the time of publication.