Landmark Real Estate Listing Offers Two New York Bars For 25 Bitcoin
Bitcoin is making history, and people everywhere want to be apart of it. The cryptocurrency has attracted all sorts of speculators, ranging from retail investors to institutions, and now even corporations.
It also has one New York bar and restaurant owner wanting to make history by betting his two businesses on Bitcoin and is offering them up for sale in exchange for 25 BTC.
New York Bar Owner Bets His Two Businesses For 25 BTC
Bitcoin has the potential to change the world, and given its limited supply, investors are scrambling for a piece of the action before one full coin because far too expensive it is totally out of reach for most.
At even $40,000 per coin, it likely already is too expensive for most to consider, which has some people considering a historic “hail Mary pass” of a Bitcoin trade in order to get their hands on a decent sum.
Related Reading | Shark Tank Investor Slams Bitcoin, Crypto: “Not An Institutional Product”
New York restaurateur and bar owner Patrick Hughes is looking to sell his two Manhattan bars – Hellcat Annie’s Tap Room and Scruffy Duffy’s – for the tune of 25 BTC, or roughly $875,000 at the time of this writing.
Hughes is looking to get 25 BTC before the price appreciates too much | BTCUSD on TradingView.com
Why The Owner Isn’t Entertaining Traditional Offers And Taking a Chance on Crypto Instead
Hughes’ reason for shopping crypto instead of going the normal real estate sales route is because the market for restaurants and bars in NYC is currently “very challenging” to the point where he doesn’t think existing business owners would be looking to buy or expand.
Instead, he is looking to “make history with a bitcoin transaction” and hopes his story attracts someone with spare BTC who wants to “further legitimize the currency.”
Related Reading | Bullish For Bitcoin: US Inflation Expectation Breaks Out From Decade Long Downtrend
Because Hughes is holding out for Bitcoin, he’s not entertaining any traditional offers, nor is he in a rush to sell. Although the market is challenging as he pointed out, he also claims he’s back to pre-Covid sales figures despite one of the two businesses remaining closed.
Hughes, who has been in business for four decades and says it has worn him tired, is “willing to take the chance” on crypto.
“And when our government have their finger on the printing press, they’re going to print more and more and more dollars, inflation is coming back so there has to be alternative,” he added, noting that crypto is “here to stay.”
Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro, @KhareemSudlow