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Two NYC bars could make US history by selling for Bitcoin


A Big Apple bar owner is bowing out — and banking on Bitcoin with what could be the first cryptocurrency-only restaurant sale in the US.

Two NYC bars could make US history by selling for Bitcoin

This week, Patrick Hughes put his side-by-side Hell’s Kitchen watering holes, Hellcat Annie’s and Scruffy Duffy’s, up for sale.

 The price tag: 25 Bitcoins or 800 Ethereum tokens for both, a value of about $875,000 by current cryptocurrency prices.

“Crypto is on the hearth, it’s a hot forex,” stated Hughes, fifty-six, a Queens native who now is living in Ho-Ho-Kus, NJ, and whose circle of relatives has been within the new york bar commercial enterprise considering that 1970. “It’s a decentralized. It’s global.”

Fueled via ever-increasing debt and fears of a devalued American greenback, Hughes is amongst countless buyers, institutions, and normal Americans who see cryptocurrency as a respectable alternative to the dollar.

NFL offensive address Russell Okung just had his demand to be paid in Bitcoin fulfilled with the aid of the Carolina Panthers.

 PayPal delivered a crypto trade late ultimate yr. And federal regulators this week commenced permitting banks to settle transactions in cryptocurrencies.

The sale of Hellcat Annie’s and Scruffy Duffy’s should mark a new chapter in crypto ascendancy.

“I’m now not privy to some other bars or eating places that have been bought for crypto best,” said Charles Cascarilla, CEO of Paxos trust enterprise, which specializes in cryptocurrency infrastructure. “but increasingly more humans study crypto as a financial instrument.

 We’re honestly at a tipping factor of its acceptance.”

Earlier than the pandemic, Hughes hired 50 human beings at his two institutions.

 He’s now down to “five or six” but stated he has survived higher than many, in large part with the aid of remaining closed throughout maximum of 2020.

“I played golf, study books, labored at the house, and taught myself the way to make cartoons,” stated Hughes, who released a Scruffy Duffy’s YouTube channel to display his lively movies.

 He hopes to retain the art shape once he and his spouse, with whom he has 3 children, move down South if the bars promote.

He reopened Hellcat Annie’s in November, whole with an open-air cabin on 10th avenue, and stated that bar income is nearly returned to pre-pandemic ranges.

Scruffy Duffy’s stays closed pending the go back of indoor dining. (Hughes and an associate opened Scruffy’s on 8th street in 1990, then Hughes alone moved it to the current location in 2019.

 Hughes relaunched Annie’s in 2009, after going for walks it as Pony Bar for 8 years.)

Hughes laments the struggling the shutdown induced for therefore many of his pals inside the industry but said the disaster cemented his pre-pandemic preference to get out of the commercial enterprise.

“I’m hoping to capture this type of crypto dudes who usually desired to own a bar,” said Hughes, noting that he has put a signal out the front to lure in curious potential shoppers.

Now not all and sundry is offered on crypto just but, though.

“I don’t think the dollar goes everywhere each time quickly,” stated NYC real estate appraiser Henry Salmon, president of equity Valuation pals.

“The dollar on the arena market nevertheless has numerous price.”

Hughes said he has received some casual inquiries. But he’s confident he’s at the proper side of history.

“the following disaster, you won’t run out and buy bathroom paper,” he said. “you may simply use your dollars alternatively.”

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