Manhattan pub owner selling bars for Bitcoin

Local News
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HELL’S KITCHEN, Manhattan — Two Irish bars in the Hell’s Kitchen neighborhood of Manhattan are up for sale — in exchange for cryptocurrency.

Patrick Hughes, who has been in the restaurant business in New York City for over 40 years, put them up for sale. He owns the two side-by-side pubs: Scruffy Duffy’s and Hellcat Annie’s on 10th Avenue.

The price tag: Either 25 Bitcoins or 800 Ethereum coins.

“Crypto is becoming more and more mainstream,” Hughes said. “I would like to be the first bar or restaurant in America sold for Bitcoin.”

As digital currency has grown in popularity, the price of Bitcoin has skyrocketed.

In March of last year, as the pandemic began to spread and worldwide financial markets bottomed out, the price of one Bitcoin dropped to just under $5,000. But just last week, the price of one Bitcoin reached nearly $42,000.

“When I began this campaign, it was around $31,000. I was pricing in a pullback — instead it went over 40. This currency is here to stay,” Hughes said. “Give me the Bitcoins. I know they’re gonna go up.”

At the current price, 25 Bitcoin is worth about $900,000; Eight-hundred Ethereum coins are worth about $950,000.

Hughes said he’s fielded some offers, but he’s looking for the right person

“They have to have bar and restaurant experience,” Hughes said. “Somebody said to me, ‘Forget this Bitcoin nonsense.’ I have buyers. I said I’m selling for Bitcoin!”

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