RushOrderTees, a custom apparel company based in Philadelphia is reportedly planning to convert $1,000,000 of its cash reserves to Bitcoin (BTC), Ethereum (ETH), and five other cryptocurrencies within the next two months.
According to the report, the company has already bought $300,000 worth of Bitcoin (BTC) and other digital currencies over the past month. So, by the end of April 2021, RushOrderTees would have purchased $1 million worth of various cryptocurrencies.
The report added that the process of purchasing the voluminous amount of crypto will be facilitated by a cryptocurrency brokerage platform, Coinbase Prime.
Meanwhile, Bitcoin (BTC) and other top coins such as Ethereum have been experiencing an increase in institutional adoption over the past few months. A popular car manufacturing company Tesla and MicroStrategy and many others are currently investing billions of dollars into Bitcoin.
Reacting to the new development, the founder and CEO of RushOrderTees, Mike Nemeroff said:
“Bitcoin, cryptocurrencies, and blockchain technology offer an exciting glimpse into the future. This is our opportunity to be on the cutting edge of something that has the power to change global commerce forever.”
The founder Nemeroff also revealed that he “invested in cryptocurrencies like Bitcoin and Ethereum personally for several years now”, adding that the volatility of cryptocurrency is no longer a problem for him. He’s of the opinion that digital currencies have the potential to continue printing an upside trend in terms of price.
As aforementioned, RushOrderTees is a custom apparel company based in Philadelphia. It has been in existence since 2002 and has printed hundreds of thousands of T-shirts, Sweatshirts, and polos for various clients, including Fortune 500 companies to mom-and-pop shops.