Adoption: Clothing firm turns $1M in cash deposits into Bitcoin, Ethereum.

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Over the last several months, Bitcoin has gradually been positioned as an alternate protection against fiat devaluation and other unfavourable market occurrences. As a result, several firms are warming up to the crypto-asset, with alts sharing the limelight as well. The new company to enter the bandwagon happens to be one in the clothes industry. Custom clothing manufacturer RushOrderTees has declared its plan to exchange $1 million of its cash assets to Bitcoin and Ethereum and other cryptocurrencies over the next two months.

According to the announcement, the company trusts in the promise of bitcoin and blockchain technologies. 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 significant, particularly because the news came from the back of the luxury hotel brand, Kessler Range, announcing that it will embrace Bitcoin and other cryptocurrencies, like DOGE, as a type of payment.

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With Bitcoin attracting considerable media exposure, Tesla’s venture in crypto has become a major achievement. In reality, Daniel Ives, Senior Equity Research Analyst at Wedbush Securities, recently forecast that other public corporations will follow Tesla’s lead. However, according to him, once there is regulatory transparency in the crypto industry, no more than 5% of businesses can participate in the asset for the next 12 to 18 months.

It’s worth noting, however, that not all companies believe the same thing. Back in February, the Dubai-based investment company, FD7 Investments, sold $750 million of its Bitcoin reserves. Instead, the organisation wanted to use the funds to maximise its presence in seniors such as ADA and DOT.

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