Carpets to riches: UK carpet retailer to adopt Bitcoin standard

With UK inflation high and bank interest rates low, small businesses are turning to new ways to save money.

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A UK-based online carpet and flooring retailer has bought Bitcoin (BTC) and put it on its balance sheet, following in the footsteps of Tesla, MicroStrategy and Real Bedford.

Speaking to Cointelegraph, Flooring Hut CEO Paul Brewster explained:

"We see it [Bitcoin] as an asset that probably has the best potential for growth in our capital reserves at the moment."

He explained that the company decided not to keep its cash reserves in a bank account because Bitcoin could offer the greatest return potential, ultimately delivering better value to customers.

According to Companies House, the government agency that maintains the register of UK companies, Flooring Hut's 2023 accounts showed cash reserves of £75,105, which at the time of writing could buy around 3.3 BTC.

Flooring Hut Cash. Source: gov.uk

Also, the company is Bitcoin only. Brewster explained that “Bitcoin is an asset class in its own right,” saying it is akin to “digital gold.” Although on a personal level, Brewster and his colleagues are interested in the broader cryptocurrency space, "We're not going to put them on Flooring Hut's balance sheet anytime soon," he said.

Flooring Hut will not hold coins with crypto companies such as the now defunct Coinbase or FTX. Instead, the company will resist rug pulls and keep Bitcoin in