New York City bar owner and crypto enthusiast Patrick Hughes is offering to sell two of his popular restaurants in the Hell’s Kitchen neighborhood of Manhattan for cryptocurrency.
According to a report from the New York Post, Hughes will accept crypto payments in the form of Ether (ETH) or 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 states that the asking price is 800 ETH or 25 BTC for both properties — roughly $1 million at the time of publication.
“I’m hoping to catch one of these crypto dudes who always wanted to own a bar,” said Hughes, referring to crypto as decentralized, global, and a “hot currency.”
The 56-year-old Queens native owner cited the shutdowns caused by the global pandemic as the one of the reasons behind the sale. Hughes reported he had been forced to reduce the number of staff at Hellcat Annie’s and Scruffy Duffy’s by roughly 90%, from 50 people before the March outbreak to “five or six” today.
Despite the seemingly first ever sale of a NYC bar for crypto, some on social media criticized Hughes for the timing. The price of Bitcoin has surged to new all-time highs entering the new year, while New York businesses are still suffering the effects of the pandemic.
“NYC is a rapidly depreciating asset right now with the exodus of people leaving the city,” said Redditor Chuyito. “Hard pass.”
“Seems like he’s lowering the number of buyers for himself,” said Crypto Twitter user dladowitz. “No one is gonna commit to a price in BTC with a 30-day close period for escrow. Could double your price.”
Bars and restaurants have promoted crypto adoption by offering Bitcoin payments as a medium of exchange. Room 77, a bar and restaurant in Germany, was one of the first brick-and-mortar businesses to accept Bitcoin, with one customer buying a pint of beer in May 2011. The establishment closed its doors in October, which patrons speculating it may have been related to restrictions due to the pandemic.
At the time of publication, the price of Bitcoin is $37,761, having fallen 6% in the last 24 hours. The price of ETH has surged 21% in the last week to reach $1,266.
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