New York City bars set to make history being sold for cryptocurrency

New York City bars set to make history being sold for cryptocurrency

A bar owner is calling it quits and is offering his two venues in exchange for Bitcoin or Ethereum

One New Yorker has had enough of the issues caused by COVID-19 and is ready to throw in the towel. Patrick Hughes owns Hellcat Annie’s and Scruffy Duffy’s, two adjoining bars in the area known as Hell’s Kitchen, and has put them up for sale. However, Hughes is taking a different approach with his real estate plans and is going to offer them in exchange for cryptocurrency, reportedly the first time ever a bar or restaurant has been offered for sale using digital currency. Whoever comes with the right amount of Bitcoin (BTC) or Ethereum (ETH) can have the venues.

Hughes is concerned over the value of the US dollar and rising government debt, which is why he’s opting to give up his investments for crypto. He wants either 25 BTC or 800 ETH, which would equal approximately $875,000 based on current values. With the recent increases seen in crypto values, it isn’t surprising that he would go this route, explaining, “Crypto is on fire; it’s a hot currency. It’s decentralized. It’s global.”

Before the pandemic, the two bars employed around 50 people; however, the coronavirus and its forced restrictions led him to furlough most, resulting in only “five or six” employees still on the payroll. Hughes has had a few offers, but nothing too serious yet, stating, “I’m hoping to catch one of these crypto dudes who always wanted to own a bar.” He adds, “The next crisis, you won’t have to run out and buy toilet paper. You can just use your dollars instead.”

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