Over the past few months, Bitcoin has increasingly been positioned as an alternative hedge against fiat devaluation and other negative market events. As a result, many companies are warming up to the crypto-asset, with alts sharing the limelight too. The latest firm to join the bandwagon happens to be one in the clothing business. Custom apparel maker RushOrderTees has announced its intention to convert $1 million of its cash reserves into Bitcoin, as well as Ethereum and other cryptocurrencies, over the next two months.
According to the said announcement, the firm is a believer in Bitcoin and blockchain technology’s potential. On that note, RushOrderTees’ CEO Mike Nemeroff, a long-time crypto-hodler said,
“Making this investment is our opportunity to be on the cutting edge of something that has the power to forever change global commerce.”
The timing of the news is interesting, especially since the news came on the back of luxury hotel group, Kessler Collection, revealing that it would accept Bitcoin and other cryptocurrencies including DOGE as a form of payment.
With respect to Bitcoin gaining significant mainstream attention, Tesla’s investment in crypto has been a significant milestone. In fact, Daniel Ives, Senior Equity Research Analyst at Wedbush Securities, recently predicted that other public companies are going to follow Tesla’s example. However, according to him, unless there is regulatory clarity in the crypto-market, no more than 5% of companies will invest in the asset over the next 12 to 18 months.
It’s worth noting though that not all firms think alike. Back in February, a Dubai-based investment fund, FD7 Ventures, sold $750 million worth of its Bitcoin holdings. Instead, the company decided to use the funds to maximize its positions in alts such as ADA and DOT.