Owner of two New York bars lists them for sale in cryptocurrency

The owner of Hellcat Annie’s and Scruffy Duffy’s bars in New York is prepared to sell them exclusively for cryptocurrency. The price for the two adjacent establishments is 25 BTC or 800 ETH (~$850,000), according to New York Post.

Patrick Hughes, whose family has operated the bars since the 1970s, like many restaurateurs in the U.S. financial capital, faced difficulties due to restrictions imposed during the COVID-19 pandemic. He said the crisis strengthened his desire to leave the business, even though sales had nearly recovered by November.

The entrepreneur is sceptical of the dollar and hopes to attract interest from cryptocurrency owners.

“Cryptocurrencies are hot right now. They are global and decentralised. I expect to find one of the crypto investors who has always dreamed of owning his own bar,” Hughes explained.

Source: NY Post.

The restaurateur said he has already received a couple of inquiries and believes the decision to go into Bitcoin or Ethereum is the right one.

“In the next crisis you won’t have to chase toilet paper. You can simply use your dollars,” Hughes explained.

Charles Cascarilla, head of Paxos, the blockchain startup, told the publication that he is not aware of any cases of venues being sold for cryptocurrency. In his view, Hughes’s initiative is further evidence that digital currencies are becoming a monetary instrument. Their adoption is growing, the Paxos chief says.

Earlier this year, NFL star Russell Okung agreed to salary paid in Bitcoin.

In November, Morgan Creek Digital co-founder Jason Williams announced the sale of his car for 0.4 BTC.

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