Heritage Distilling and 5 other companies embracing Bitcoin

Heritage Distilling becomes the newest business adopting Bitcoin in their transactions, either by allowing customers to pay with Bitcoin or by keeping some Bitcoin in their company’s assets.

Based in Gig Harbor, Washington, the craft spirits manufacturer is planning to accept Bitcoin (BTC) payments on their own e-commerce platform, which caters directly to consumers. This step comes after the formation of a Technology and Cryptocurrency Committee within the company, headed by digital payments specialist Matt Swann.

Heritage’s policy emphasizes that Bitcoin is increasingly being embraced by consumers, businesses, and decision-makers. The firm mentions the Financial Accounting Standards Board’s upcoming 2023 policy shift, which lets public companies appraise Bitcoin based on its fair market value, thereby making it more suitable for corporate treasury administration.

The business adopts an alternate method for handling the fluctuating value of Bitcoin, emphasizing that their strategy provides security not typically found among conventional Bitcoin buyers who purchase using regular currency.

In simpler terms, when it comes to producing consumer goods, Heritage finds comfort in the fact that their profit margins can withstand changes in the value of Bitcoin.

In his statement on January 10th, CEO Justin Stiefel explained that since our company sells products, it is necessary to maintain reasonable price differences between what we sell and the cost of making those items. This is to compensate for any changes in the value of bitcoin as a payment method.

The individual leading the Technology and Cryptocurrency Committee at our company is tasked with creating an official Bitcoin Treasury Plan, which will then be submitted for board approval.

As a researcher, I find myself intrigued by the budding expansion of Bitcoin. The potential for businesses to adopt Bitcoin as a form of payment is indeed considerable, offering a promising avenue for future exploration.

As a researcher, I am examining a new policy that leverages recent advancements in corporate Bitcoin adoption, such as MicroStrategy’s example. Notably, companies are increasingly embracing cryptocurrency for Treasury management and payment solutions. In the food and beverage sector, several significant companies have also followed suit:

1. Starbucks, a global coffee chain, allows customers to use Bitcoin for purchases through its mobile app.
2. Tesla, although not strictly in the food/beverage industry, has invested significantly in Bitcoin and accepts it as payment for certain products.
3. Burger King Brazil, part of the fast-food giant, launched a Whoppercoin cryptocurrency for a limited time to promote its brand and drive customer engagement.
4. Pizza Hut Japan, another example from the food industry, offers customers the option to pay with Bitcoin for their orders.

These examples demonstrate that companies in various sectors are recognizing the potential of cryptocurrencies and adapting their strategies accordingly. As a researcher, it is essential to analyze these trends and understand their implications for both businesses and consumers alike.

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Steakholder Foods

Steakholder Foods Limited, a business focused on creating alternative proteins, declared in November their board’s approval for purchasing up to one million dollars worth of Bitcoin or indexes that track cryptocurrencies.

Arik Kaufman, the CEO, justified the decision by pointing out the rising trend and recognition of cryptocurrencies. He stated, “With the escalating interest in cryptocurrencies and their increasing status as a viable asset class, we are convinced that Bitcoin, or a blend of cryptocurrencies, will make robust reserve assets for our company.

Kaufman additionally highlighted ongoing advancements, such as cryptocurrency Exchange-Traded Funds (ETFs) and increased institutional investment, as driving factors behind this shift. “Cryptocurrencies may enhance our cash management approach by providing a means to preserve value,” he noted.

Located in Rehovot, Israel, Steakholder Foods is dedicated to developing sustainable food technology. Their choice to delve into cryptocurrency investment showcases their curiosity and exploration of innovative financial tactics that extend beyond their primary operations.

Beck & Bulow

Back in April, a New Mexico meat and seafood business, Beck & Bulow headquartered in Santa Fe, revealed their decision to accept Bitcoin as a form of payment, both online and in-person. This move, characterized by the company as a “progressive step,” is intended to boost payment options and foster financial autonomy for customers and staff alike.

As a crypto investor, I’m thrilled to share that Beck & Bulow has taken a significant step by integrating with IBEX, a trusted third-party payment processor. This move now enables customers to purchase their products using Bitcoin. However, the company didn’t just stop at accepting Bitcoin payments; they also announced plans to invest 20% of their assets into Bitcoin. The reason? They see Bitcoin as a promising store of value. Furthermore, they’ve declared that they will hold onto all Bitcoin payments received, underscoring their belief in Bitcoin’s long-term potential.

Beck & Bulow’s dedication towards Bitcoin goes beyond just transactions and financial reserves. In fact, they have committed to integrating Bitcoin within their employee 401(k) scheme, allowing staff to invest in this digital currency as a component of their long-term savings strategy for retirement.

By making this daring step, Beck & Bulow now joins an expanding list of enterprises embracing Bitcoin, not just for transactions but also as a vital element in their financial planning. This move demonstrates their faith in Bitcoin’s potential to drive financial advancement and stability.

Chipotle

Chipotle Mexican Grill is enthusiastically embracing Bitcoin and digital currencies as part of their strategy to attract tech-friendly clients and innovate. This restaurant chain allows customers to pay with Bitcoin and other cryptocurrencies in store, using Flexa – a digital payment platform. Customers can easily make transactions by utilizing apps like Gemini or SPEDN that are compatible with Flexa.

Chipotle has incorporated cryptocurrency into some of its marketing efforts, designing special promotions to draw interest and reward customers. For instance, on National Burrito Day in April 2021, the restaurant gave away $100,000 worth of Bitcoin as part of a unique competition where participants tried to guess a six-digit code on a dedicated website for a chance to win. In July 2022, Chipotle ran another crypto-based campaign, distributing over $200,000 in digital currencies through an interactive game. Among these winners, six lucky individuals received $35,000 worth of Bitcoin each.

Chipotle’s technological advancements go beyond just cryptocurrencies. They introduced “Burrito Bucks,” an in-game currency on the Roblox platform, enabling players to swap their Burrito Bucks for free meal vouchers that can be redeemed at selected Chipotle restaurants.

Whole Foods

As a crypto enthusiast and regular grocery shopper at Whole Foods, I’ve found a convenient way to use my digital assets for everyday purchases – by leveraging third-party applications that facilitate Bitcoin payments. Although the store itself doesn’t hold a crypto treasury, recent reports hint at its parent company exploring this option.

In 2017, Amazon.com Inc. made a significant stride by purchasing Whole Foods for approximately $13.7 billion. This transaction represented Amazon’s first step into the physical grocery marketplace.

Recently, a team of Amazon shareholders, spearheaded by the National Center for Public Policy Research (NCPPR), have put forth a suggestion that Amazon should invest at least 5% of its holdings in Bitcoin. This proposal is scheduled for evaluation before Amazon’s annual meeting in 2025, as reported by Guru Focus.

Amazon’s board has not made a move regarding the proposed idea as of now. This initiative is reminiscent of the NCPPR’s previous attempt to get Microsoft to embrace Bitcoin, an attempt that was eventually turned down by Microsoft’s shareholders.

Starbucks

2018 saw some uncertainty about whether Starbucks would allow Bitcoin as a means of payment. Later, they made it clear they weren’t accepting any cryptocurrency payments at the time. However, their stance on this matter has evolved since then.

In simpler terms, the well-known coffee company based in Seattle now allows Bitcoin payments through the Flexa’s SPEDN application. This means that customers can now conveniently pay for their coffee and snacks using digital currency.

To this point, it seems Starbucks has shown no signs of intending to establish a Bitcoin reserve. Instead, the company’s efforts seem more centered around offering various payment methods for customers, as opposed to employing cryptocurrency as a stored asset. This approach aligns with their strategic focus on both convenience and innovation.

As the use of Bitcoin as a treasury asset in the food and beverage sector is yet to fully develop, these instances underscore an increasing propensity for businesses across multiple areas to incorporate cryptocurrencies into their day-to-day activities.

Honorable Mentions

Pizza Hut: In Venezuela, the casual dining franchise began accepting Bitcoin for payments due to the country’s economic challenges, though there are no reports of Bitcoin being held as part of its treasury.
Restaurant Brands International: The Burger King parent company has begun accepting Bitcoin for payments in specific markets, including Germany and Venezuela. It remains to be seen whether the so-called “home of the Whopper” discloses crypto treasury holdings.
Sheetz: The convenience store chain has begun accepting digital currencies, including Bitcoin and Ethereum, at all its locations. This move caters to the growing popularity of cryptocurrencies among consumers.

2025-01-12 06:54