Cryptocurrency payments are hot! Following Lamborghini's statement, a New York bar owner follows suit: selling two bars for 25 bitcoins.

Following Lamborghini's announcement of accepting cryptocurrency payments and Tesla's founder Elon Musk's ambiguous statement of not refusing Bitcoin payments, Patrick Hughes, who owns two bars in New York, announced that he will sell them for the price of 25 Bitcoins or 800 Ether.

COVID-19 Pandemic Hits Businesses Hard

In an interview with the New York Post, 56-year-old bar owner and cryptocurrency enthusiast Patrick Hughes announced that he will be accepting payments in Bitcoin and Ethereum to sell his two bars, "Hellcat Annie’s" and "Scruffy Duffy’s," located on 10th Avenue in New York.

The advertisement indicates that the deal can be sealed with 25 Bitcoins or 800 Ethereums, and both bars must be purchased together. Hughes stated:

Cryptocurrency is the hottest money right now, and I hope to catch one of those cryptocurrency guys who have always wanted to own a bar.

Apart from the cryptocurrency craze, the main reason for the sale is the widespread impact of the COVID-19 virus. Hughes claimed that the number of employees at the two bars has plummeted from 50 before the outbreak in March to just 5 or 6 now, a reduction of a whopping 90%.

Despite criticism within the community that New York is becoming a depreciating asset due to population outflow, Hughes remains confident in his decision and has received some sporadic inquiries, believing he stands on the right side of history.

Bitcoin Payments Gaining Popularity

Despite facing a significant pullback, the aggressive surge that previously broke $40,000 has many people recognizing Bitcoin's potential. Lamborghini officially announced on Saturday 1/9 on Facebook that they are accepting cryptocurrency payments:

We want to make sure everyone knows, now you can purchase your new Lamborghini with cryptocurrency! Contact our sales team for more information!

In addition to the statement from the renowned luxury car manufacturer, author of "The Accidental Billionaires" and "Bringing Down the House," Ben Mezrich, tweeted: "I'm telling you, I will never turn down being paid in Bitcoin again."

This drew a response from the world's richest man, Musk: "Me neither."

Me neither

— Elon Musk (@elonmusk) January 9, 2021

This comes after Musk's previous tweet asking the CEO of MicroStrategy if it was possible for them to buy a large amount of Bitcoin with their company's funds, sparking one of the most discussed tweets within the crypto community.

Bitcoin, which has been on a continuous rise, finally saw a significant pullback on the evening of the 11th, dropping a record-breaking $8,000 in a single day. However, comparing it to the two previous larger drops:

• 3/12/2020: 7,969 – 4,644 40.88%
• 1/11/2021: 38,273 – 30,100 21.49%

In reality, the "drop" on 3/12/2020 was still far greater than that on 1/11/2021.