Patrick Hughes, owner of two bars in Hell’s Kitchen, has both setups for sale against cryptocurrencies
The crypto enthusiast offered to try two of his restaurants, i.e. H. Hellcat Annies and Scruffy Duffys, selling Bitcoin in the Manhattan neighborhood. The business has been run by his family for over 5 decades.
The bars cost a total of 25 bitcoins (that’s $ 882,500 at the current price of $ 35,300 per BTC). Hughes also offered interested buyers the option to pay 800 Ether (ETH), which is roughly $ 896,000 for $ 1,120 per ETH. According to a Saturday New York Post report, it’s only ready for sale if the prospect buys both setups on Tenth Avenue
“I hope to catch one of those crypto guys who has always wanted to own a bar“, he said.
Although Bitcoin has had a difficult journey to establish itself as a universal form of payment, the owner is ready to part with the companies for the crypto asset. Speaking to the New York Post, the 56-year-old native of Queens said: “Crypto is on fire, it’s a hot currency … it’s decentralized. It’s global“.
Hughes currently resides in the Ho-ho-Kus Ward in Bergen County, New Jersey. If successful, this will be the first sale of a pub that exclusively uses cryptocurrencies. Charles Cascarilla of the Paxos Trust crypto firm said: “I am not aware of any other bars or restaurants that were only sold for crypto. But more and more people are viewing crypto as a money instrument. We are really at a turning point for its acceptance“.
Hughes announced that sales are being driven by the difficult economic climate due to the coronavirus pandemic. He announced that he had to reduce his workforce by 90% due to the pandemic, from 50 employees to currently only 5-6.
While the sale of the two bars could be a big step in the crypto-verse, many have used social media to lambast Hughes for the time of the sale. The majority of them believe Hughes is trying to capitalize on the Bitcoin rally, especially when New York companies struggle to stay afloat.