Two NYC bars on the market for Bitcoins
New York Pub Owner Patrick Hughes is looking to make a trade marking a sign of the times...his two bars in Manhattan for a stash of Bitcoin.
Hughes has put his two neighboring bars in Manhattan's Hell's Kitchen - Hellcat Annie's and Scruffy Duffy's - on the market for 25 bitcoins or he'll even take 800 Etherium tokens - effectively putting the price tag around a million dollars.
The long-time bar owner is hoping to appeal to an investor who's been lucky.
"Because of the economy and the COVID-19 has shut down things in New York City and everywhere, I thought to myself, there are people out there that do have some type of currency that might want to get into this business. And I thought the guys with the Bitcoin have been making a killing. And perhaps some of those guys that are flush with the Bitcoin may want to legitimize the currency and get into this business. So, I thought it would be good publicity and also it would be great to be the first bar and restaurant in the United States sold for Bitcoin."
Hughes closed both bars in March as the health crisis began battering New York.
But In November, he reopened Hellcat Annie's with an outdoor dining area that brings in enough business to support the establishment even with indoor dining shut down.
He hasn't brought back all his staff though - he's now operating with about five employees combined - down from 50.
Nevertheles, he still thinks the sale is a bargain.
"In reality, the prices for the location, what it would cost somebody to come in and build one of these bars, I mean, this one cost me $600,000 in this very small, little place in New York City. The bar next door, Scruffy Duffy's, that probably cost me seven $750,000 to get set up. So, I think this is a reasonable price in this market and somebody that wants into this business, this is a perfect time."
While the health crisis has battered bars and restaurants - it's been a boon to Bitcoin.
Bitcoin is currently trading at nearly $36,000 apiece, up over 300 percent last year… prompting investment banks to predict more future gains.
Hughes said he has had "a number of inquiries," but not yet for a Bitcoin deal..
If he does get one.. as he hopes - he may soon be adding 25 bitcoins to his own single Bitcoin…
"I have one. It's fun to watch it, and we'll see what happens in the future. But cryptocurrency is the future."
