The owner of a New York City bar and crypto enthusiast, Patrick Hughes, offers to sell two of its popular restaurants in Manhattan’s Hell’s Kitchen neighborhood for cryptocurrency.
According to a New York Post report, Hughes will accept cryptocurrency payments in the form of Ether (ETH) o Bitcoin (BTC) for the sale of Hellcat Annie’s and Scruffy Duffy’s located on 10th Avenue in New York City. A sign in front of the bars indicates that the asking price is 800 ETH or 25 BTC for both properties, roughly $ 1 million at press time.
“I hope to catch one of these guys with cryptocurrencies who always wanted to own a bar“Hughes said, referring to cryptocurrencies as decentralized, global, and” circulating currencies. “
The 56-year-old native Queens owner cited closures caused by the global pandemic as one of the reasons for the sale. Hughes reported that he had been forced to reduce Hellcat Annie’s and Scruffy Duffy’s staff by roughly 90%, from 50 people before the March outbreak to “five or six” today.
Despite the seemingly first sale of a New York City bar in crypto, some on social media criticized Hughes for the time being. The price of Bitcoin has climbed to new all-time highs entering the new year, while New York businesses continue to suffer the effects of the pandemic.
“NYC is an asset that is rapidly depreciating right now with the exodus of people leaving the city“, said the Redditor Chuyito. “Difficult moments”.
“It seems that he himself was limiting the number of buyers”, said the Twitter user Cripto dladowitz. “No one is going to commit to a price in BTC with a 30-day closing period for the deposit. Could double your price“.
Bars and restaurants have promoted the adoption of cryptocurrencies, offering payments in Bitcoin as a medium of exchange. Room 77, a bar and restaurant in Germany, was one of the first traditional businesses to accept Bitcoin, when a customer bought a pint of beer in May 2011. The store closed its doors in October, and customers speculated that it could be related to restrictions due to the pandemic.
At press time, the price of Bitcoin is $ 37,761, having fallen 6% in the last 24 hours.. The price of ETH has risen 21% in the last week to hit $ 1,266.
Cointelegraph reached out to Patrick Hughes, but received no response as of press time.
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