{"id":151084,"date":"2021-01-10T02:32:54","date_gmt":"2021-01-09T23:32:54","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/two-nyc-bars-could-make-us-history-by-selling-for-bitcoin\/"},"modified":"2021-01-10T02:32:54","modified_gmt":"2021-01-09T23:32:54","slug":"two-nyc-bars-could-make-us-history-by-selling-for-bitcoin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/two-nyc-bars-could-make-us-history-by-selling-for-bitcoin\/","title":{"rendered":"#Two NYC bars could make US history by selling for Bitcoin"},"content":{"rendered":"

“#Two NYC bars could make US history by selling for Bitcoin<\/strong>”<\/p>\n

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A Big App<\/a>le bar owner is bowing out \u2014 and banking on Bitcoin with what could be the first cryptocurrency-only restaurant sale in the US.<\/p>\n

This week, Patrick Hughes put his side-by-side Hell\u2019s Kitchen watering holes, Hellcat Annie\u2019s and Scruffy Duffy\u2019s, up for sale. The price tag: 25 Bitcoins or 800 Ethereum tokens for both, a value of about $875,000 by current cryptocurrency prices.<\/p>\n

\u201cCrypto is on fire, it\u2019s a hot currency,\u201d said Hughes, 56, a Queens native who now resides in Ho-Ho-Kus, NJ, and whose family has been in the Manhattan bar business since 1970. \u201cIt\u2019s decentralized. It\u2019s global.\u201d<\/p>\n

Fueled by ever-increasing debt and fears of a devalued American dollar, Hughes is among countless investors, institutions and everyday Americans who see cryptocurrency as a legit alternative to the dollar.<\/p>\n

NFL offensive tackle Russell Okung just had his demand to be paid in Bitcoin fulfilled by the Carolina Panthers. PayPal introduced a crypto exchange late last year. And federal regulators this week began allowing banks to settle transactions in cryptocurrencies.<\/p>\n

The sale of Hellcat Annie\u2019s and Scruffy Duffy\u2019s could mark a new chapter in crypto ascendancy.<\/p>\n

\u201cI\u2019m not aware of any other bars or restaurants that have been sold for crypto only,\u201d said Charles Cascarilla, CEO of Paxos Trust Company, which specializes in cryptocurrency infrastructure. \u201cBut more and more people look at crypto as a monetary instrument. We\u2019re really at a tipping point of its acceptance.\u201d<\/p>\n

\"Patrick
Patrick Hughes has put his bars up for sale for Bitcoin and Ethereum cryptocurrency.<\/figcaption>
Tamara Beckwith\/NY Post<\/span><\/figcaption><\/figure>\n

Before the pandemic, Hughes employed 50 people at his two establishments. He\u2019s now down to \u201cfive or six\u201d but said he has survived better than many, largely by remaining closed throughout most of 2020.<\/p>\n

\u201cI played golf, read books, worked on the house and taught myself how to make cartoons,\u201d said Hughes, who launched a Scruffy Duffy\u2019s YouTube<\/a> channel to display his animated videos. He hopes to continue with the art form once he and his wife, with whom he has three kids, move down South if the bars sell.<\/p>\n

He reopened Hellcat Annie\u2019s in November, complete with an open-air cabin on Tenth Avenue, and said that bar sales are nearly back to pre-pandemic levels. Scruffy Duffy\u2019s remains closed pending the return of indoor dining. (Hughes and a partner opened Scruffy\u2019s on Eighth Avenue in 1990, then Hughes alone moved it to the current location in 2019. Hughes relaunched Annie\u2019s in 2009, after running it as Pony Bar for eight years.)<\/p>\n

Hughes laments the suffering the shutdown caused for so many of his friends in the industry, but said the crisis cemented his pre-pandemic desire to get out of the business.<\/p>\n

\"Scruffy
Scruffy Duffy\u2019s and Hellcat Annie\u2019s on Tenth Avenue in Hell\u2019s Kitchen. <\/figcaption>
Tamara Beckwith\/NY Post<\/span><\/figcaption><\/figure>\n

\u201cI\u2019m hoping to catch one of these crypto dudes who always wanted to own a bar,\u201d said Hughes, noting that he has put a sign out front to lure in curious potential buyers.
Not everyone is sold on crypto just yet, though.<\/p>\n

\u201cI don\u2019t think the dollar is going anywhere anytime soon,\u201d said NYC real estate appraiser Henry Salmon, president of Equity Valuation Associates. \u201cThe dollar on the world market still has a lot of value.\u201d<\/p>\n

Hughes said he has received a few casual inquiries. But he\u2019s confident he\u2019s on the right side of history.<\/p>\n

\u201cThe next crisis, you won\u2019t have to run out and buy toilet paper,\u201d he said. \u201cYou can just use your dollars instead.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Two NYC bars could make US history by selling for Bitcoin” A Big Apple bar owner is bowing out \u2014 and banking on Bitcoin with what could be the first cryptocurrency-only restaurant sale in the US. This week, Patrick Hughes put his side-by-side Hell\u2019s Kitchen watering holes, Hellcat Annie\u2019s and Scruffy Duffy\u2019s, up for sale….<\/p>\n","protected":false},"author":1,"featured_media":151085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/01\/patrick-hughes.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,88926,71155,72881,76127,72274,4953],"class_list":["post-151084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-1-9-21","tag-bars","tag-commercial-real-estate","tag-cryptocurrency","tag-hells-kitchen","tag-new-york-city"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/151084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=151084"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/151084\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/151085"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=151084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=151084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=151084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}