UK-based online carpet and flooring store Flooring Hut has converted its cash reserves into the first cryptocurrency. It is reported by Cointelegraph.
The store’s CEO Paul Brewster said the firm decided not to keep funds in a bank account as bitcoin could offer better revenue potential.
“We are considering [первую криптовалюту] as the asset that probably has the best growth potential for our capital at the moment,” he explained.
The store abandoned centralized exchanges in favor of cold wallets, the manager said.
According to the UK registry, Flooring Hut had £75,105 in reserves in May. At the current exchange rate, this money can buy about 3.3 BTC.
Brewster added that his company works exclusively with the first cryptocurrency. In his opinion, bitcoin is “an independent asset class akin to digital gold.”
He explained that running a business in 2023 in such a difficult economic environment means being “progressive.”
“We are going to reinvest this money back into the company, which will lead to better value for money for our customers and give us an edge over the competition,” summed up the head of Flooring Hut.
However, not everyone reacted to the decision of the store as a risk minimization. Financial Times journalists said it was “obviously a publicity stunt” to gain media attention.
Recall that Blockware Intelligence experts predicted that by 2023 the global adoption of bitcoin will reach 10%.
Earlier, Wells Fargo analysts compared the development of disruptive technologies with digital assets. They came to the conclusion that the latter had not yet passed the “inflection point”, after which mass integration of innovations began.
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