18.10.2021

A restaurateur sells bars in New York for cryptocurrency

Patrick Hughes, the owner of a chain of New York bars and a fan of cryptocurrencies, has put up two of his establishments for sale.

The news would be ordinary, if not for one condition of the transaction with the future buyer – Hughes is ready to accept only cryptocurrencies as payment. Recall that the sale of such large assets by type of real estate has already happened in the crypto world. Nevertheless, so far, such transactions are still quite rare, which is why they attract attention.

Selling houses for cryptocurrencies has indeed happened before. As we learned in October 2019, the owner of a mansion near a lake in France was also willing to sell real estate for coins. Read more about other services and goods in exchange for coins in a separate article.

What can you buy with bitcoins

According to a publication in the New York Post, Hughes accepts Ethereum or Bitcoin as payment for Hellcat Annie’s and Scruffy Duffy’s, located on 10th Avenue in New York. The plaque in front of the bars states that the asking price is 800 ETH or 25 BTC for both objects – roughly a million dollars at the time of writing.

Patrick Hughes himself admitted that he is very interested in the future of the crypto market. Here is his quote, in which he shares his attitude to what is happening. The replica is given by Cointelegraph.

I hope to get in touch with one of the crypto enthusiasts who have always wanted to own their own bar.

The 56-year-old New Yorker from Queens complains about the massive quarantine due to the spread of the coronavirus. According to him, the lack of clients due to the crisis has become one of the main reasons for the sale of bars. Amid financial difficulties, Hughes even had to fire 90 percent of his employees. If before the pandemic, Hellcat Annie’s and Scruffy Duffy’s employed 50 people, but now the staff has been reduced “to five or six workers.”

At the same time, it is quite easy to understand the desire to sell an asset for cryptocurrency. Over the past months, Bitcoin and Ethereum have shown incredible returns that cannot be compared with banking products or classic investment instruments. In particular, Bitcoin has risen by 94.5 percent over the past thirty days – and this is taking into account yesterday’s collapse from 38,744 to 30,468 dollars.

At the same time, Ethereum jumped 102 percent in a month, that is, in fact, it doubled the savings of its own investors. The owner of the bars is clearly counting on the continuation of the run of the cryptocurrency market and therefore wants to immediately receive a large amount in cryptocurrency. Thus, he will save the time and cost of converting fiat money into coins.

At the same time, one of the first cases of selling bars for a crypt in New York did not attract much support from crypto enthusiasts. Many commentators on Reddit have noted that the city’s restaurant business is in decline due to the same coronavirus. But the price of Bitcoin has been actively growing lately, so hardly anyone wants to exchange a very promising digital asset for a bar that is currently unprofitable.

A user under the pseudonym Stacking UTXO’s noted Hughes’s mistake in the formation of the price: he should, in any case, set a price tag in dollars with the condition of accepting cryptocurrencies. He also evaluates real estate in the crypt, which is why the “real price tag” changes almost every hour. And since cryptocurrencies will continue to jump in value, the total amount can easily change from the moment of agreement to the fact of sale.

Hughes’ idea is interesting, but we have to agree with the commentators. It is unlikely that any of the wealthy crypto enthusiasts will want to buy real estate in the current environment. Still, its maintenance requires costs, and keeping bitcoins, ethers and other coins in your wallet is free.

An exception may be perhaps some early miner or investor who received conditional 50 bitcoins shortly after the launch of the cryptocurrency network and saved them. If there are large reserves of coins, the investor may want to exchange free funds for real estate and a ready-made business.

We believe that while this offer is hardly attractive for cryptocurrency owners, it proves the popularity of blockchain assets among the global population. Despite the peculiarities of the current situation with bars, those with large reserves of funds in bitcoins and ethers can acquire working businesses in the most famous areas of the planet. This means that the coins continue to develop and win new fans.

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