In what could be the first-ever crypto restaurant sale in the US, New York City bar owner Patrick Hughes is offering to sell two popular restaurants in the Hell’s Kitchen neighborhood for Bitcoin or Ethereum.
According to a report from the New York Post, the crypto-enthusiast restaurateur put Hellcat Annie’s and Scruffy Duffy’s, located along 10th Avenue in New York City, up for sale with an asking price of 25 BTC or 800 ETH tokens for both properties.
Crypto is on fire, Hughes told the New York Post, adding that he has put up a sign in front of the bar.
“I’m hoping to catch one of these crypto dudes who always wanted to own a bar.”
The 56-year old Queens native says that he has had to make hard decisions to scale down business following the shutdowns caused by the pandemic. Pre-outbreak, the two restaurants employed 50 people, which has now been cut by 90%. Hughes had run Annie’s and Scruffy Duffy’s since 1990 and the early 2000s, respectively, but told the New York Post that the pandemic that left the economy in tatters has only reignited Hughes’ desire to leave the business.
Even as the economy takes a turn for the worst and the US dollar loses value, Bitcoin has largely remained resilient. Hughes joins many other investors and ordinary Americans who are finding strength in Bitcoin’s uncorrelated nature.
At time of writing, Bitcoin is down 22.4% in the last 24 hours to $30,912 from its recent high of $41, 880. On the same note, Ethereum is down 29% to $933.
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