The controversial ad caused some arguments on social media, with people backslashing the bar owner for planning to sell his asset for cryptocurrency. The bar owner is undoubtedly a crypto promoter because his advert could influence other entrepreneurs to accept crypto in payment.
The investor limited his options to the two most popular digital assets at this time, assuring the market value of those cryptos. The bar owner, whose name is Patrick Hughes, plans on selling off two of his bars for the said amount. The two assets put for sale are located in a popular area in New York. Several reports explained how the owner put up the crypto cost in front of those assets around Manhattan.
Patrick Hughes explains the reason behind his action
The crypto investor sees a vast future for cryptocurrency and revealed that he wants to help crypto owners who wish to own a bar. During the short interview, the businessman explains his cryptocurrency preference, especially when they are hitting higher prices.
The intention is born out of their wide acceptability and lesser restrictions. When asked why he put up his bar for sale, Hughes attributed the lockdown measures and other factors linked to the dreaded covid-19 as the cause of the bar’s sale.
The pandemic brought numerous businesses to a stop, causing some significant economic problems in most countries. Governments try to help small and large business owners survive the economic downturn by allocating funds to them; however, most businesses fail to thrive as they did before the incident.
The bar owner revealed that social distancing precautions made him let go of most of his employees to follow health and safety guidelines the country put in place. Hughes reported that he could only keep around 6 of his employees since last year’s lockdown.
Criticism follows bar owner’s advertisement
Many people showed their displeasure with the bar owner’s plan to sell his bar for the digital asset despite his genuine reason for its sales. Someone spoke on the issue and explained that the megacity faces some challenges with many people exiting for other places, causing asset depreciation. Some pointed out the volatility of cryptocurrency and advised him to increase his asking price to meet up with any loss in value within that time.
It’s also safe to note that the adoption of cryptocurrency as a form of payment in large and small institutions is becoming a dream come true. Some businesses, such as bars, allow customers to pay their bills in cryptocurrency.
In some time to come, mainstream adoption will come, leading to the digital assets being incorporated into human lives daily. Not many businesses request cryptocurrency as a payment form, signaling some doubts about it as a medium of exchange.
Hughes could change other people’s opinions on the digital asset and make others rapidly take up the asset class. Bitcoin recently saw a fall but stabilized at $2,000 lesser than its previous value. Ethereum continually grows in value, showing some growing strength in altcoins.