One man in New York has become such a crypto fan that he’s looking to sell his businesses and retire with digital currency’s help. Patrick Hughes, 56 years old and living in New York, has two bars side by side within the state’s Hell’s Kitchen area. One is known as Hellcat Annie’s, while the other is called Scruffy Duffy’s. He’s selling both bars for about 25 BTC or 800 Ethereum units. That’s approximately $1.12 million at the time of writing.
Patrick Hughes Is Selling His Bars for BTC
Like many bars and restaurant owners, Hughes has been hit hard by the ongoing coronavirus pandemic, which has led to the closure of many eateries and similar establishments throughout the country. In areas such as New York, where the pandemic appears to have an even stronger presence, the lockdowns and all other measures taken have increased tenfold, and businesses are shuttering their doors left and right on a permanent basis.
But Hughes says he hasn’t been terribly affected by the pandemic. He claims he’s played his money well over the years and had enough saved up to survive this once-in-a-lifetime issue, though he does believe the time has come to finally make his exit. He’s not eager to shut the businesses down altogether, but rather wants to give someone an opportunity to make their mark and rise through the business ranks. He says he’s giving someone new and young a chance to learn the entrepreneurial ropes.
In a recent interview, he comments:
This would be a good time for somebody young, fresh blood to get in here and go for it, like I did when I was 26 years old and opened my first place. Now, I’m 56, and maybe it’s time for somebody else because I am tired.
The only problem with this situation is that with the economy being what it is in today’s world, would anyone put their money down on a bar – an establishment that’s known to get closed every five minutes without warning during these times? In addition, would they be willing to accept the high asking price?
According to Hughes, there are plenty of offers coming in. He says he’s mainly looking to attract interest from cryptocurrency investors after getting into the digital asset world a few years ago. Still relatively new to the arena of digital trading, he became very intrigued by bitcoin and its competing altcoin cousins, though right now he only owns about one bitcoin at press time. He states:
It’s fun to watch [bitcoin], and we’ll see what happens in the future, but cryptocurrency is the future.
Crypto Is the World’s Financial Destiny
He further mentioned that he’s not hellbent on attaining crypto for his retail establishments and says he would certainly consider offers in fiat as well:
Perhaps we will ceremoniously add one bitcoin to the deal, you know, just to kind of top it off.