SFL Maven Corp – a firm that sells luxury goods – has announced it will soon accept bitcoin and other assorted cryptocurrencies as payments. Digital assets can now be utilized to purchase high-end vintage jewelry and other expensive items that are sure to make their owners feel rich.
SFL Maven Will Accept BTC for Goods
SFL Maven is bringing the initial goals of the crypto world closer to reality. While many of these assets have become rather speculative in recent years, it’s easy to forget that bitcoin, Ethereum, and many other forms of virtual money were primarily designed to push things like checks, credit cards, and fiat to the side so they could serve as the ultimate payment methods.
Sadly, this has been a slow journey given that many of these assets come with heavy volatility. It’s impossible to predict when their prices are going to sink, and thus many businesses risk taking profit losses should they agree to accept crypto payments. Because of this, many of them have issued a resounding “no,” and to an extent, we can’t really blame them.
Consider the following scenario: a person walks into a store and buys $35 worth of merchandise with bitcoin. For one reason or another, the store doesn’t convert the BTC into fiat right away and roughly 24 hours go by. Within that time, the price of bitcoin goes down, causing that $35 to drop to $10. The customer gets to keep all they bought, but the store has lost revenue during the process. Is this a fair situation? Not everyone thinks so.
That’s what makes firms like SFL Maven so important. They are working hard to establish crypto as the arena it should be… one designed for payments and financial independence amongst its users.
Adding BTC to the Balance Sheet
In addition to accepting crypto for goods and services, the company is also looking to diversify its portfolio by adding digital assets like bitcoin to its present balance sheet. Joseph Ladin – CEO of the company – explained in an interview:
We believe in the future of bitcoin and digital payment systems and that fiat currency systems represent a risk to the productivity of assets on the balance sheet because they are subject to monetary expansion, stimulus, and debt, which could continue to drag down value. As such, we have begun to diversify the company’s exposure on the cash side with periodic investments in bitcoin. We will also augment this step by transitioning to allow purchases in BTC as we continually work to widen our access to viable end-market customers interested in our unique products… We are excited to begin accepting bitcoin as a valid form of payment, especially as we establish our new metaverse presence and sales of digital goods, creating an avenue for an expanding relationship with a massive new tech-savvy end market.