The owner of a New York 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 report in the New York Post Hughes accepts cryptocurrency payments in the form of Ether (ETH) or Bitcoin (BTC) for sales from Hellcat Annie’s and Scruffy Duffy’s on 10th Avenue in New York City. A sign in front of the bars indicates that the price for both properties is 800 ETH or 25 BTC, which is roughly $ 1 million at press time.
“”I hope to catch one of those guys with cryptocurrencies who has always wanted to own a bar“Hughes said cryptocurrencies would be called decentralized, global and” circulating currencies. “
The 56-year-old native Queens owner Closures caused by the global pandemic were cited as one of the reasons for the sale. Hughes reported that he was forced to reduce Hellcat Annie and Scruffy Duffy’s workforce by about 90%, from 50 people before the March outbreak to “five or six” today.
Despite what appears to be the first sale of a New York bar in crypto Some on social media criticized Hughes for the time being. Bitcoin price has soared to a new all-time high at the beginning of the new year as New York companies continue to suffer from the effects of the pandemic.
“”NYC is a quickly derogatory asset right now as people are leaving the city“Redditor Chuyito said,” Difficult times. “
“It seems that he himself limited the number of buyers,” said the Twitter user Cripto dladowitz. “”Nobody is going to commit to a price in BTC with a 30 day deposit lock-up period. Could double your price“.
Bars and restaurants have promoted the adoption of cryptocurrencies and offered payments in Bitcoin as a medium of exchange. Room 77, a bar and restaurant in Germany, was one of the first traditional companies 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, Bitcoin is trading at $ 37,761 after falling 6% in the past 24 hours. The price of ETH is up 21% in the past week to $ 1,266.
Cointelegraph reached out to Patrick Hughes but received no response at the time of going to press.
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