 | With U.K. inflation running high and sluggish banking interest rates, small businesses are turning to novel solutions to save money. An online carpet and flooring retailer based in the United Kingdom has bought Bitcoin and put it on its balance sheet, following in the footsteps of Tesla, MicroStrategy and Real Bedford. The founder believes that the company decided against keeping its cash reserves in a bank account, as Bitcoin could provide the greatest potential for providing returns, ultimately delivering better value for customers. However, the TradFi news media made fun of this. In their article, the FT explained that the Flooring Hut news “is obviously engineering the kind of publicity stunt that’s catnip for snarky blogs such as ours.” The article’s comments section is even more scathing, with one commenter exclaiming, “This is pure comedy!” The Financial Times pokes fun at the move. Source: FT The company is heading down the path of a Bitcoin standard — building out a business with Bitcoin in mind. Next, it will explore the implementation of Bitcoin Lightning Network payments to complement its online Mastercard, Visa and PayPal payment options. Flooring Hut will not custody the coins with crypto companies such as Coinbase or any other exchange. Instead, the company will resist rug pulls and keep the Bitcoin in cold storage. What do you think of this move? [link] [comments] |
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