If you somehow managed to spend any time on the internet and don’t know what cryptocurrency is, what websites or apps are you on? Are you watching endless cat-themed reels or only completing quizzes to see which ‘Friends’ castmate you should share nachos with?
For those unaware, cryptocurrency is a digital-based currency that works through a computer network and doesn’t require a bank or the government to work. By far, the most well-known cryptocurrency is Bitcoin. If you own some Bitcoin, chances are you can’t just go to your neighborhood grocery store to spend it.
However, it is accepted at over 250 stores, including Airbnb, Burger King, and even IKEA. Most recently, Washington State’s Heritage Distilling announced it was now accepting cryptocurrency as payment, making it the first publicly traded distillery to bring cryptocurrency into its business model.
Heritage Distilling and Bitcoin
This past week, the board of directors of the Gig Harbor, Washington-based distillery approved the adoption to accept Bitcoin as a form of payment on its website.
“As a company producing products for sale to consumers, the Company also believes its risk is mitigated by the fact that it can leverage the lower cost of goods required to produce and sell such products relative to the retail value it can sell those products for to consumers,” Justin Stiefel, Chief Executive Officer of HDC, said in a press release.
Bottom line
Heritage Distilling believes that the benefits of attracting new consumers and Bitcoin’s broader appeal make it the perfect time to start accepting the cryptocurrency.
“The growth of bitcoin is still in its early stages, and the opportunity for companies to accept bitcoin as payment is substantial,” Matt Swann, Chairman of the Technology and Cryptocurrency Committee, said in a press release. “Preparing to be a leader in the craft distilling space by utilizing Bitcoin is further proof Heritage is a trailblazer that thinks beyond its peers to reach new customers and improve their consumer journey.”
