Bitcoin is hot, decentralized, and global. Crypto has been on fire.
For this reason, Patrick Hughes plans to bow out, exiting a business his family has been involved in for the last 42 years. Should the deal go through, he will bank on Bitcoin, the world’s most valuable cryptocurrency, and expand on his new-found passion for creating animated videos.
Pub Valued at 25 BTC or 800 ETHs
Patrick, who currently resides in New Jersey, is ready to sell his two bars, according to a New York Post report on Jan 9 for 25 BTC or 800 ETHs—or a ballpark $900k at spot rates.
In recent days, the two world’s leading cryptocurrencies have been on a tear, breezing past several sell walls and registering new highs.
Specifically, the Bitcoin price more than doubled after easing past 2017 highs of around $20k. By the first week of January 2021, the coin soared to an all-time high of $42k.
Coronavirus, Debasement, and Institutional Demand Pumping Crypto Prices
A milestone, the unexpected surge, analysts say, is because of the unprecedented level of demand from institutions. Registered firms like Grayscale and the payment processor, PayPal, continue to buy huge chunks of newly minted coins, propping prices.
Seeking to bank on this explosion, Hughes views the cryptocurrency as a possible savior at a time coronavirus containment measures have been consequential for businesses not only in New York but across the globe.
Combined with the expectation of the expansion of fiscal policy and more stimulus packages following the confirmation of President-elect Joe Biden and the Democratic Party win in the Georgia election runoff, the incoming president will easily implement his legislative agenda.
Consequently, the USD may be debased. Risk-averse investors will flow to crypto and Bitcoin as a shield against inflation, therefore pumping BTC prices.
However, the exponential rise of Bitcoin’s prices in recent days, and Hughes’ crypto preference marks another milestone, fanning price ascendancy.
If the deal goes through, it could mark another chapter in crypto, especially in the United States where a pub is sold in crypto-only terms.
As BTCManager reports, Russel Okung of the Carolina Panthers now receives half of his $13 million salary in BTC.