Crypto enthusiast and bar owner Patrick Hughes announced that his bars in New York City are up in the market and is willing to accept Bitcoin or Ethereum as payment from potential buyers.
Hughes’ bars called Hellcat Annie and Scruffy Duffy now have signboards in front of the properties with the total property price of 25 BTC or 800 ETH in crypto. This is estimated to be worth around US$1 million.
When asked by the New York Post why he stopped the operations of his bars, Hughes cited that one of the factors behind the shutdown was triggered by the worldwide pandemic. Hughes stated that from 50 employees, he was forced to trim it down to five – six members. This means roughly 90% of manpower was lost.
Due to cryptocurrency hitting its peak, Hughes is trying to capitalize on the current situation of the rise in digital assets. The acquisition of the bars might become one of the significant points in the development of digital assets not only in the US but also globally. Hughes is now joining other investors that believe cryptocurrency is the next big thing when it comes to the monetary system.
Today, there are various large institutions and residents that believe digital assets will become the leading mode of payment in the world due to current market factors. Many businesses and companies whether startups or giants are also utilizing the use of digital assets.
Purchasing high-end properties like real estate with the use of cryptocurrency has been done before. For instance in 2018, a beef salesman from China’s Shanxi province became an early Bitcoin adopter and bought real estate abroad.
Additionally, famous NFL Player Russel Okung demanded his salary to be paid using Bitcoin in May 2019 which was approved by his team, Carolina Panthers. With these instances, the growth of digital currencies is seen to be continuously increasing with major payment organizations discovering ways to offer Bitcoin and other digital assets to the masses.
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