NYC Bar Owner Auctions Two Restaurants for Bitcoin and Ether

Crypto Revolution Reaches NYC’s Restaurant Scene

New York City bar owner Patrick Hughes is making waves in the cryptocurrency world by putting his two bars, Hellcat Annie’s and Scruffy Duffy’s, up for sale in exchange for Bitcoin (BTC) or Ethereum (ETH). Located on 10th Avenue in Manhattan’s Hell’s Kitchen neighborhood, the asking price is 25 BTC or 800 ETH, roughly $1 million at current market rates.

Hughes is taking this step in response to the financial struggles brought on by the COVID-19 pandemic, which has ravaged the hospitality industry. With mounting debts and concerns about the declining value of the U.S. dollar, Hughes believes cryptocurrency offers a more stable alternative.

A Landmark Sale in Crypto Adoption

If successful, the sale of Hellcat Annie’s and Scruffy Duffy’s will mark a historic moment in crypto adoption within the hospitality industry. Hughes stated,

“Cryptocurrency represents a strong and growing alternative to traditional financial systems. Selling my bars for Bitcoin or Ethereum reflects my faith in the future of digital assets.”

The bar owner revealed that he had to reduce his staff by 90%, from 50 employees pre-pandemic to just five or six today. The drastic downsizing highlights the severe impact of the pandemic on small businesses, particularly in the restaurant and bar sector.

Crypto in the Hospitality Industry

This isn’t the first time bars and restaurants have embraced cryptocurrency:

• Room 77 in Germany: In 2011, this bar became the first brick-and-mortar business to accept Bitcoin. Despite its pioneering status, Room 77 closed its doors in 2020, likely due to pandemic-related challenges.
• Other Examples: Many establishments globally now accept Bitcoin as payment for food, drinks, and services, further integrating crypto into everyday life.

By listing his bars for cryptocurrency, Hughes is not only signaling a shift in the financial landscape but also highlighting the growing mainstream acceptance of digital assets.

Bitcoin and Ethereum Prices Soar

The timing of the sale aligns with a bullish phase in the cryptocurrency market:

• Bitcoin (BTC): Trading at $37,761, despite a 6% drop in the last 24 hours.
• Ethereum (ETH): Up 21% in the last week, currently valued at $1,266.

Community Reactions and Prospects

While some have lauded Hughes for his innovative approach, others have criticized the timing, questioning whether potential buyers would be willing to part with their valuable crypto assets. Hughes, however, remains optimistic, stating he has already received several casual inquiries.

Conclusion: A Bold Move in a Changing Economy

Patrick Hughes’s decision to auction his NYC bars for Bitcoin and Ethereum underscores the transformative power of cryptocurrency. As more businesses explore digital assets, transactions like this may become a standard in the future. Whether this move inspires similar sales remains to be seen, but it’s clear that crypto is no longer a fringe concept in the business world.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.