Two New York pubs are closing their doors and their owner announced that he will sell the trade in cryptocurrencies. Patrick Hughes, head of a family business with more than four decades of history, is determined to accept Bitcoin (BTC) or Ethereum (ETH).
Hughes, 56, put his Hellcat Annie’s and Scruffy Duffy stores, located in the Manhattan neighborhood, up for sale. “I hope to catch one of those types of cryptocurrencies that always wanted to have a bar,” he said in dialogue with The New York Post.
The restrictions on gastronomic activity imposed in the state and the city of New York have been part of one of the worst economic crises in history. To reverse this situation, the Federal Reserve has promoted monetary policies with inflationary effects that, paradoxically, make the sale of property in digital assets an attractive option.
Hughes, who lives in New Jersey and has visited his store several times in recent months, has estimated his transaction at 25 BTC or 800 ETH, which is approximately $ 900,000.
The value of the bar in cryptocurrencies seeks to take advantage of a sustained growth in the price of BTC, which started the year below 30,000 USD and since the break of that level has not decreased.
This morning’s correction in the crypto market, however, reduces the dollar amount for the pub’s operation. Anyway, and in line with the forecasts of the specialists, the longer it takes for a buyer to appear, the more expensive the property will be.
Hughes will seek to enter the history of the crypto ecosystem, with the first property sold exclusively in cryptocurrencies.
The United States also made one of the first BTC innovations last week, when Carolina Panthers football player Russell Okung became the first top-tier athlete to receive his salary in Bitcoin (BTC). .
The incorporation of cryptocurrencies in real estate and contractual operations means important steps in terms of adoption. Beyond the importance of investments in the market, their inclusion as a transaction method is decisive to project mass adoption.