Speaking to Cointelegraph, Paul Brewster, CEO of Flooring Hut, explained that:
“We see it [Bitcoin] As an asset that has probably the best growth potential of our capital stock at this point in time.”
He explained that the group decided not to keep its cash reserves in a bank account because bitcoin can provide the greatest potential to deliver returns that ultimately provide more value to customers.
According to Companies House, the UK government agency that keeps the UK companies register, Flooring Hut’s accounts from 2023 showed cash reserves of £75,105, which could pay out around 3.3 BTC at the time of writing.
Apart from this the company is just bitcoin. Brewster explained that “Bitcoin is an asset class in itself;” It is similar to ‘digital gold’. While Brewster and his colleagues are interested in the broader cryptocurrency sector on a personal level, “we at Flooring Hut won’t be putting this on the balance sheet anytime soon.”
Flooring Hut will not hold coins with crypto companies like Coinbase or FTX now closed, Instead, the company will opt to pull up the carpet and keep the bitcoins in it. cold storageBrewster was added.
The bold move by an online retailer operating in the £2 billion carpet industry is particularly surprising as it is “one of the very few industries where the application of the technology is sorely lacking,” Brewster explained. One of the UK’s most popular financial publications, The Financial Times quickly swiped Flooring Hut on its page alphaville,
In ArticleThe FT reported that the Flooring Hut news was “clearly the sort of publicity stunt only fitting for satirical blogs like ours.” The article’s comments section is even more scathing, with one commenter exclaiming, “This is pure comedy!” for news.
Brewster acknowledges the somewhat negative portrayal of bitcoin in the mainstream media:
“You just have to keep in mind that people make sense out of what they read in the media. When they see the word bitcoin, they think, ‘Oh, is this company legit?'”
However, businesses across the UK are looking for new ways to invest their capital as the value of cash left in the bank is eroding inflation. The United Kingdom and its currency, the pound, are suffering even more than the European Union. As Brewster points out, managing a company in 2023 and under such tough economic conditions is about being “progressive.”
“We’re going to invest this back into the business, achieving greater value for money for our customers, giving us a competitive advantage over our competitors.”
The company is on its way to the bitcoin standard: Building a Business With Bitcoin in Mind, Next, the group will explore the implementation of Bitcoin Lightning Network payments, in addition to online MasterCard, Visa and PayPal payment options.
Connected: Bitcoin Block 800,000 Mined – Now What?
By 2023 the price per bitcoin in British pounds will increase by more than 60%, reaching £13,700 by January 1st. Nevertheless, bitcoin remains volatile. As some traders are speculating, the price has dropped by 2% today The price declined towards $19,000 in the near term.
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