Flooring Hut, a UK-based online carpet and flooring retailer, has reportedly made the decision to adopt the Bitcoin standard. The company has purchased Bitcoin and added it to its balance sheet, following the lead of companies like Tesla, MicroStrategy, and Real Bedford.
Flooring Hut, a UK-based company established in May 2015, operates as an online retailer specializing in carpets, floor coverings, and related accessories. The company’s digital-first strategy allows it to cater to a diverse range of customers, including both individual consumers and commercial clients. With a focus on reliability and speed, Flooring Hut offers a comprehensive delivery service that spans the entire UK and covers all its product categories. The company’s online platform features an ever-expanding selection of carpets and floors, and it provides customers with the option to request samples and make purchases at competitive prices.
Paul Brewster, the CEO of Flooring Hut, shared with Cointelegraph that the company views Bitcoin as an asset with the highest potential for capital growth. The decision to invest in Bitcoin rather than keeping cash reserves in a bank account was driven by the potential for higher returns, which could ultimately provide better value for customers.
Interestingly, Flooring Hut has chosen to focus solely on Bitcoin. Brewster described Bitcoin as a unique asset class, likening it to “digital gold.” While Brewster and his colleagues have a personal interest in the broader cryptocurrency space, they have no immediate plans to add other cryptocurrencies to Flooring Hut’s balance sheet.
In terms of custody, Flooring Hut has opted not to use crypto companies like Coinbase or the now-defunct FTX. Instead, the company plans to keep the Bitcoin in cold storage, according to Brewster.
The Financial Times, a popular UK finance publication, was quick to comment on Flooring Hut’s move, describing it as a publicity stunt.
Despite some negative reactions, Brewster recognizes the potential misconceptions about Bitcoin in the mainstream media. He acknowledges that some people might question the legitimacy of a company that invests in Bitcoin. However, he also points out that businesses across the UK are looking for innovative ways to invest their capital as cash in the bank depreciates due to high inflation.
The company plans to reinvest the potential returns back into the business, providing greater value for money for customers and gaining a competitive advantage over competitors. The company is also exploring the implementation of Bitcoin Lightning Network payments to complement its existing online payment options.