From rugs to riches: UK carpet retailer to adopt Bitcoin Standard

An online carpet and flooring retailer based successful the United Kingdom has bought Bitcoin (BTC) and enactment it connected the equilibrium sheet, pursuing successful the footsteps of Tesla, Microstrategy and Real Bedford. 

Speaking with Cointelegraph, CEO of Flooring Hut, Paul Brewster explained that:

“We spot it [Bitcoin] arsenic an plus that has astir apt the champion imaginable for maturation of our superior reserves astatine the moment.”

He explained that the radical decided against keeping their currency reserves successful a slope account, arsenic Bitcoin could supply the top imaginable for providing returns which yet delivers greater worth for customers.

According to Companies House, the British Government bureau that maintains the registry of U.K. companies, Flooring Hut’s accounts from 2023 showed currency reserves of £75,105, which astatine clip of penning could spend astir 3.3 BTC.

Flooring Hut's currency assets. Data taken from gov.uk

Moreoever, the institution is Bitcoin-only. Brewster explained that “Bitcoin is an plus people successful its ain right;” it is akin to a “digital gold.” While connected a idiosyncratic level Brewster and his colleagues person an involvement successful the wider cryptocurrency space, “We’re not going to beryllium putting those connected the equilibrium expanse astatine Flooring Hut immoderate clip soon.”

Flooring Hut volition not custody the coins with crypto companies specified arsenic Coinbase oregon the now-defunct FTX. Instead, the institution volition defy rug pulls and support the Bitcoin successful cold storage, Brewster added.

This bold determination by the online retailer operating successful the £2 cardinal carpet manufacture is peculiarly astonishing arsenic it's 1 of the "very fewer sectors wherever the exertion of exertion is has been severely lacking," Brewster explained.  The Financial Times, 1 of the United Kingdom’s astir fashionable bequest concern publications was speedy to instrumentality a swipe astatine Flooring Hut connected its leafage Alphaville.

The Financial Times pokes amusive astatine the move. Source: FT.

In the article, the FT explained that the Flooring Hut quality “is evidently engineering the benignant of publicity stunt that’s catnip for snarky blogs specified arsenic ours.” The article’s comments conception is adjacent much scathing, with 1 commenter exclaiming, "This is axenic comedy!” to the news.

Brewster understands Bitcoin’s somewhat antagonistic portrayal successful the mainstream media:

“You’ve conscionable got to beryllium mindful that radical gully connotations from what they work successful the media. When they spot the connection Bitcoin they think, ‘Oh, is this institution legit?’”

However, businesses crossed the United Kingdom are seeking innovative ways to put their superior arsenic currency near successful the slope depreciates nether precocious inflation. The United Kingdom and its currency, the lb are suffering much acutely than the European Union. As Brewster explains, managing a concern successful 2023 and successful specified trying economical conditions is astir being “progressive”.

“We're going to reinvest that backmost into the company, which past leads to greater worth for wealth for our customers, which gives america a competitory vantage implicit our competitors.”

The institution is heading down the way of a Bitcoin Standard: that of building retired a concern with Bitcoin successful mind. Next, the radical volition research the implementation of Bitcoin Lightning Network payments to complement its online MasterCard, Visa and Paypal outgo options.

Paying successful Bitcoin is simply a tiny but growing inclination successful the United Kingdom, peculiarly arsenic the Lightning Network offers little fees than incumbent outgo providers.

Related: Bitcoin artifact 800,000 mined — What’s next?

The terms per Bitcoin is up much than 60% successful 2023 successful British Pounds Sterling, commencing connected January 1 astatine £13,700. Nonetheless, Bitcoin continues to beryllium volatile. The terms corrected 2% today, portion immoderate traders foretell a terms plummet to $19,000 successful the near-term.

Magazine: Peter McCormack’s Real Bedford Football Club puts Bitcoin connected the map