Bitcoin Bars - a new wave of currency in alcohol
NYC Seeing the Light
With all of this selection and the world becoming a smaller place with globalization, a NYC bar owner may make history by selling his bar in crypto. Playing the long game on the short glass. The first ever crypto-resto sale? Imagine if that becomes a "term of art".
The Big Bit-Apple
Patty Hughes (male name - a little luck of the Irish) placing those watering holes on sale so he can shore up the bank roll and take off!
But How Much?
If it is hard enough to know your USD to Euro and your CAD to Sterling, then make sure the brain is rolling before this one comes at you:
- 25 Bitcoins or
- 800 Ethereum tokens for both
FOR A CONVERSION VALUE OF:
a value of about $875,000 by current cryptocurrency prices.
Trying to Catch a Flyer
It has new meaning now. Trying to Catch a Big Fish 🐠
“I’m hoping to catch one of these crypto dudes who always wanted to own a bar,” 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.
Bowing Out and Heading Up
Hot fire right now.
“Crypto is on fire, it’s a hot currency,” 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. “It’s decentralized. It’s global.”
“I’m not aware of any other bars or restaurants that have been sold for crypto only,” said Charles Cascarilla, CEO of Paxos Trust Company, which specializes in cryptocurrency infrastructure. “But more and more people look at crypto as a monetary instrument. We’re really at a tipping point of its acceptance.”
From the Tap House to the Tap Room
Before the pandemic, Hughes employed 50 people at his two establishments. He’s now down to “five or six” but said he has survived better than many, largely by remaining closed throughout most of 2020.
Keep You Posted
Will this be a new wave of how agents work with wineries and how restaurants and wine bars purchase from agents and so on?