- Crypto enthusiast set to sell business for crypto
- Crypto community against selling business for BTC, ETH
Crypto enthusiast Patrick Hughes who owns the New York City bar, is auctioning off two of his popular restaurants for 25 BTC or 800 ETH. Both restaurants for sale are located in the Hell’s Kitchen neighborhood of Manhattan.
“I’m hoping to catch one of these crypto dudes who always wanted to own a bar,” said Hughes, referring to crypto as decentralized, global, and a “hot currency.”
Revealing why he wants to sell the bar, he said that the shutdowns caused by the global pandemic as one of the reasons behind the sale. He also noted that he had been forced to reduce the number of staff at Hellcat Annie’s and Scruffy Duffy’s by roughly 90%, from 50 people before the March outbreak to “five or six” today.
Mixed feeling trails Huges New York bar sales
Social media users have criticized the bar owner for trying to sell off his bar for crypto at this time despite being the first New York bar to be sold for crypto.
“NYC is a rapidly depreciating asset right now with the exodus of people leaving the city,” said Redditor Chuyito. “Hard pass.”
“Seems like he’s lowering the number of buyers for himself,” said Crypto Twitter user dladowitz. “No one is going to commit to a price in BTC with a 30-day close period for escrow. Could double your price.”
Bars and restaurants have promoted crypto adoption 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.