According to a New York Post report, 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 says the asking price is 800 ETH or 25 BTC for both properties – around $ 1 million at time of publication.
“I’m hoping to catch one of those 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 native of Queens cited closures 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 at Hellcat Annie’s and Scruffy Duffy’s by about 90%, from 50 people before the outbreak in March to “five or six” today.
Despite the apparently first sale of a bar in New York for crypto, some on social media criticized Hughes for the timing. The price of Bitcoin has reached new all-time highs as the New Year begins, as New York businesses continue to suffer from the effects of the pandemic.
“NYC is a rapidly depreciating asset right now with the exodus of people leaving the city,” Redditor Chuyito said. “Difficult pass.”
“Looks like he’s reducing the number of buyers for himself,” he told me Crypto Twitter user dladowitz. “No one will commit to a BTC price with a 30-day closing period for escrow. Could double your price. ”
Bars and restaurants have promoted the adoption of crypto 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, a customer who bought a pint of beer in May 2011. The facility closed in October, which customers speculate that it could have been linked to restrictions due to the pandemic.
At the time of publication, the price of Bitcoin is $ 37,761, having fallen 6% in the past 24 hours. The price of ETH jumped 21% last week to $ 1,266.
Cointelegraph has contacted Patrick Hughes, but has not received a response at time of publication.