From rugs to riches: UK carpet retailer to adopt Bitcoin Standard
With inflation running high and sluggish UK banking interest rates, small businesses in the United Kingdom are turning to novel solutions to save money. An online carpet and flooring retailer based in the United Kingdom has bought Bitcoin (BTC) and put it on the balance sheet, following in the footsteps of Tesla, Microstrategy and Real Bedford. Speaking with Cointelegraph, CEO of Flooring Hut, Paul Brewster explained that: “We see it [Bitcoin] as an asset that has probably the best potential for growth of our capital reserves at the moment.” He explained that the group decided against keeping their cash reserves in a bank account, as Bitcoin could provide the greatest potential for providing returns which ultimately delivers greater value for customers. According to Companies House, the British Government agency that maintains the register of U.K. companies, Flooring Hut’s accounts from 2023 showed cash reserves of £75,105, which at time of writing could afford roughly 3.3 BTC. Fl...