Two bars for bitcoins: proprietor in New York’s Hell’s Kitchen, which is bought out for cryptocurrency
Patrick Hughes has deployed his two adjacent bars New YorkHell’s Kitchen, Hellcat Annie’s, and Scruffy Duffy’s are for sale – for 25 Bitcoins or 800 Ethereum tokens worth up to $ 1.12 million.
He listed the bars in the West Manhattan neighborhood, which, like other restaurants and eateries, were badly hit by the COVID-19 pandemic, for sale in early January.
“This would be a good time for someone with young, fresh blood to jump in and try, like I did when I was 26 and opened my first place,” said Hughes in an interview. “Now I’m 56 and maybe it’s time for someone else because I’m tired.”
Bitcoin was a niche investment just a few years ago and has become the world’s most popular cryptocurrency.
Last year, the value rose 304%, prompting investment banks to predict more future profits. JPMorgan Chase said it would hit $ 146,000 while Citigroup said Bitcoin could hit $ 318,000.
Bitcoin is currently trading at nearly $ 36,000 apiece, which equates to a price tag for Hellcat Annie’s and Scruffy Duffy of nearly $ 900,000. Paying 800 tokens of the second largest cryptocurrency, Ethereum, would raise nearly $ 1.12 million.
Hughes said he had “a number of inquiries” but not for a bitcoin deal, and that he would also consider selling the bars for dollars.
“Maybe we’re going to ceremoniously add a bitcoin to the deal, you know, just to top it off,” said Hughes.
He closed both bars in March when the pandemic began to hit New York. In November, Hughes Hellcat opened Annie’s with an outdoor dining area that brings enough business to support the house even with the indoor dining area closed.
He uses Scruffy Duffy’s to store furniture that has been removed by Hellcat Annie’s.
Before the pandemic, the bars had a total of 50 employees. It’s about five now.
Hughes said COVID-19 didn’t hurt his personal finances badly. “I’ve been fortunate to have saved my money over the years,” said Hughes. “And I was able to weather the storm.”
He said he had a bitcoin. “It’s fun to see,” he said. “And we’ll see what happens in the future. But cryptocurrency is the future. “