Flooring Hut, a UK-based online carpet and flooring store, has recently converted its cash reserves into the BTC.
Paul Brewster, the store’s CEO, said the firm decided not to keep funds in a bank account as bitcoin could offer better projected returns.
In order to protect their funds, the store moved away from centralized exchanges in favor of cold wallet storage.
With £75,105 of their reserves, Flooring Hut can currently purchase approximately 3.3 BTC at the current rate of exchange.
Brewster believes bitcoin is an independent asset class, and says that by investing money back into the company, customers will benefit from better value for money, providing them with an advantage over their competitors.
Despite this, some think the move is a publicity stunt as cryptocurrency adoption has not yet reached its ‘inflection point’, according to Wells Fargo analysts.
Blockware Intelligence experts have predicted that by 2023 the global adoption of bitcoin will reach 10%.
