New York Metropolis bar proprietor and crypto fanatic Patrick Hughes is providing to promote two of his fashionable eating places within the Hell’s Kitchen neighborhood of Manhattan for cryptocurrency.
Based on a report from the New York Put up, Hughes will settle for crypto funds within the type of Ether (ETH) or Bitcoin (BTC) for the sale of Hellcat Annie’s and Scruffy Duffy’s positioned on tenth Avenue in New York Metropolis. An indication in entrance of the bars states that the asking value is 800 ETH or 25 BTC for each properties — roughly $1 million on the time of publication.
Photograph courtesy of Tamara Beckwith, NY Put up
“I’m hoping to catch one in every of these crypto dudes who all the time wished to personal a bar,” mentioned Hughes, referring to crypto as decentralized, world, and a “sizzling forex.”
The 56-year-old Queens native proprietor cited the shutdowns attributable to the worldwide pandemic because the one of many causes behind the sale. Hughes reported he had been pressured to cut back the variety of employees at Hellcat Annie’s and Scruffy Duffy’s by roughly 90%, from 50 individuals earlier than the March outbreak to “5 or 6” at present.
Regardless of the seemingly first ever sale of a NYC bar for crypto, some on social media criticized Hughes for the timing. The value of Bitcoin has surged to new all-time highs getting into the brand new 12 months, whereas New York companies are nonetheless struggling the consequences of the pandemic.
“NYC is a quickly depreciating asset proper now with the exodus of individuals leaving the town,” mentioned Redditor Chuyito. “Onerous go.”
“Looks as if he’s reducing the variety of consumers for himself,” mentioned Crypto Twitter consumer dladowitz. “Nobody is gonna decide to a value in BTC with a 30-day shut interval for escrow. Might double your value.”
Bars and eating places have promoted crypto adoption by providing Bitcoin funds as a medium of change. Room 77, a bar and restaurant in Germany, was one of many first brick-and-mortar companies to simply accept Bitcoin, with one buyer shopping for a pint of beer in Could 2011. The institution closed its doorways in October, which patrons speculating it might have been associated to restrictions as a result of pandemic.
On the time of publication, the worth of Bitcoin is $37,761, having fallen 6% within the final 24 hours. The value of ETH has surged 21% within the final week to succeed in $1,266.
Cointelegraph reached out to Patrick Hughes, however didn’t obtain a response on the time of publication.