Another day, another company accepting bitcoin as payment.
Close to Bitcoin Magazine here in Nashville, a local contracting company is encouraging their clients to pay for their services in bitcoin by offering them a 10% off discount, reports News Channel 5 Nashville.
“The reason we do this is the cost of lumber is up, the cost of labor is up, and we are hedging our bets due to inflation, in order to get paid in cryptocurrency to put within our cash reserves.”
- Stratton Exteriors CEO Shane Stratton
It seems the CEO has been doing some proper economic calculations, realizing that the company would be better saving in bitcoin than dollars because of the increasing inflation. The company benefits from the hardcapped 21 million supply that the Bitcoin network offers, to help protect and increase the company's value.
Keeping bitcoin on their balance sheet allows the company to not only keep pace with the cost of lumber and labor, but to beat it. Stratton can now afford what the company needs to buy, and still have bitcoin left over to save. This is what many CEOs have been figuring out over the past year including the many other benefits of adopting a Bitcoin standard.
“I see great value in purchasing and holding crypto assets. We are in the very early stages of cryptocurrency,” he added. “So, if you think about when you first heard about the internet, 20 years ago to where we're at right now, it's a huge leap.”
While cryptocurrency can be very volatile, Stratton says he recognizes any risk that holding it may impose on the company and chooses to accept it anyways, as he believes it will be worth way more in the future. He also shared that 10% of the company's transactions are being dealt in cryptocurrency right now, and one can only expect that number to rise as paying in it gains more popularity.
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