A bar owner from New York has put two of his bar up for sale against payment of 25 Bitcoins or alternatively 800 ETH. The owner has evaluated his bars to be worth US$ 800,000 and wants to sell them off. He tells that he has seen the worst time of his life where his business suffered huge losses due to Covid-19.
No doubt that currently cryptocurrency and in particular Bitcoin are on fire since 2020. The same view had been shared by an owner of bars in New York, Patrick Hughes.
Hughes had recently put an advert in which he had put on sale two of his city bars. The advert suggested that whoever is willing to buy his bars would need to pay him 25 Bitcoins only. If not Bitcoins, then a total of 800 ETH would be sufficient or US$ 800,000, whichever suits the interests of the buyer.
This could be because of various reasons that Hughes had decided to ask for Bitcoin. Probably he had been motivated by Bitcoin’s growth over the year. Equally, and most probably, he had come to believe that Bitcoin is a great source of storing value.
Whatever may be the reason, the fact is Hughes had put up for sale two of his bars which are located at 10th Avenue. It was reported that Hughes was running a 1970’s family bar business which was passed on to him from his parents. However, when Hughes took over the business, he developed two more bars namely Scruffy Duffy’s and Hellcat Annie’s.
In front of both of these bars, Hughes had erected adverts of sale against payment of Bitcoin. He told one of the local press agencies that he wanted to sell his bars to a Bitcoiner.
Hughes also told that pandemic had eaten up the business of his bar like termites. He said that before the Covid-19 pandemic, he employed about 50 to 60 personnel however he is now left with 5 to 6 people. Since there were no sales, he couldn’t keep the employees and so, his business, he added. Throughout the year 2020 both of his bars remained closed. He stated that it is very hard for him to sell off his bars which he had established on his own.
No doubt that Bitcoin, with all its volatility issues and speculative nature, had emerged as a predominant asset class. People have started to consider the monetary gains Bitcoin can bring to them. Earlier in September, Aviatrade Inc., which is an aircraft company of the US indicated that it had decided to accept payments in Bitcoins. Later on the company managed to sell off its luxury jets against payment of Bitcoin. It was reported that the company sold the plane for BTC equivalent of US$ 40 Million at the time.