Patrick Hughes, a bar owner and cryptocurrency enthusiast in New York City, is preparing to sell his two popular restaurants near Hell’s Kitchen in Manhattan as cryptocurrency.
According to a report in the New York Post, Hughes will accept cryptocurrency payments in the form of Ethereum (ETH) or Bitcoin (BTC) for the sale of Hellcat Annie and Scruffy Duffy on Tenth Avenue in New York City. The slogan in front of the bar stated that the asking price of both properties was 800 ETH or 25 BTC, which was approximately US$1 million at the time of issue.
Hughes said: “I want to catch one of those cryptocurrency guys who have always wanted to own a bar,”
The 56-year-old local in Queens cited the suspension of business caused by the global pandemic as one of the reasons for the sale. Hughes reported that he was forced to reduce the number of employees of Hellcat Annie and Scruffy Duffy from 50 before the outbreak in March to “five or six” today, a reduction of approximately 90%.
Although it appears to be the first sale of cryptocurrency gold bars in New York City, some people on social media criticized Hughes’ timing. Entering the new year, the price of Bitcoin has soared to record highs, and New York businesses are still suffering from the pandemic.
Redditor Chuyito said: “As people leave the city, New York City is now a rapidly depreciating asset.” “Hard Pass.”
Crypto Twitter user dladowitz said: “It seems that he is reducing the number of buyers for himself.” “No one will promise to close the custody period of bitcoin prices within 30 days. You can double your price.”
Bars and restaurants promote the adoption of encryption technology by offering Bitcoin payments as a medium of exchange. Room 77 is a bar and restaurant in Germany. It is one of the first entities to accept Bitcoin. In May 2011, a customer bought a pint of beer. Related to restrictions due to the pandemic.
At the time of publication, the price of Bitcoin was $37,761, a 6% drop in the past 24 hours. The price of ETH surged 21% last week to reach $1,266.
Cointelegraph got in touch with Patrick Hughes, but received no response at the time of publication.