Patrick Hughes, a crypto enthusiast, who possesses the New York City bar, is auctioning off two popular restaurants. Hughes will accept crypto payments in Ether (ETH) or Bitcoin (BTC) to sell Hellcat Annie’s and Scruffy Duffy’s. It is found on 10th Avenue in New York City. A board in front of the bars says that the asking price is 800 ETH or 25 BTC for both properties. It comes roughly to $1 million at the time of publication.
Speaking about the reason behind the bar’s sale, he states that the shutdown is due to the Covid-19 outbreak. Moreover, by ever-increasing debts and concerns of a depreciated American dollar, Hughes is among myriad investors, institutions, and everyday Americans who recognizes cryptocurrency as a good alternative to the dollar.
Hellcat Annie’s and Scruffy Duffy to denote a new turn in the cryptocurrency space
The sale of Hellcat Annie’s and Scruffy Duffy’s could mark a new chapter in crypto power. He also remarked that he had no option but to decrease the number of staff at Hellcat Annie’s and Scruffy Duffy’s. It has cut down approximately 90%, from 50 people before the March outbreak to “five or six” today. Social media users have scrutinized the bar owner for attempting to sell off his bar for crypto at this time, notwithstanding being the first New York bar to be sold for crypto. Hughes announced he had received a few casual inquiries.
However, Bars and restaurants have advanced crypto adoption by proposing Bitcoin payments as a means of exchange. In Germany, Room 77, a bar and restaurant, were the first brick-and-mortar businesses to accept Bitcoin. Reportedly, one consumer bought a beer pint in May 2011. The establishment shuttered its doors in October, which patrons are speculating may have been due to restrictions owing to the pandemic. At the time of writing, the Bitcoin was at $37,761, having dropped 6% in the last 24 hours. The price of ETH has increased by 21% in the previous week to reach $1,266.
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