Heritage Distilling Joins the Growing List of Companies Accepting Bitcoin as Payment

Craft spirits producer Heritage Distilling is now accepting Bitcoin (BTC) payments through its direct-to-consumer e-commerce platform.

The move follows the creation of the company’s Technology and Cryptocurrency Committee, led by digital payments expert Matt Swann.

Heritage’s policy highlights Bitcoin’s growing adoption among consumers, financial institutions, and policymakers. The company points to the Financial Accounting Standards Board’s 2023 policy change, which allows public companies to mark Bitcoin to fair value as an asset, making it more practical for corporate treasury management.

The company also shares a different approach to managing Bitcoin price volatility, insisting that it offers protection that traditional Bitcoin investors lack when purchasing with fiat currency.

As a consumer product manufacturer, Heritage notes that its production margins provide a buffer against Bitcoin price fluctuations.

“As a company producing goods for sale, acceptable margins between the retail price of our products and their cost of production are expected to offset potential fluctuations in the value of bitcoin we accept as payment,” CEO Justin Stiefel said Jan. 10 in a prepared statement.

Swann, who chairs the company’s Technology and Cryptocurrency Committee, will develop a formal Bitcoin Treasury Policy for board approval.

“The growth of bitcoin is still in its early stages, and the opportunity for companies to accept bitcoin as payment is substantial,” he added.

The policy builds on recent developments in corporate Bitcoin adoption (i.e. MicroStrategy), as companies are adopting cryptocurrency for Treasury management and/or payment options. Here are several other notable examples in the food/beverage space:

Steakholder Foods

Steakholder Foods Ltd., a company specializing in alternative protein production, announced in November that its board has approved the purchase of up to $1 million in Bitcoin or cryptocurrency tracking indices.

CEO Arik Kaufman explained the decision, citing the growing popularity of cryptocurrencies. “As demand for cryptocurrencies grows and their acceptance as an asset class increases, we believe Bitcoin, or a mix of cryptocurrencies, will be strong treasury reserve assets for the company,” he said.

Kaufman also pointed to recent developments like cryptocurrency exchange-traded funds (ETFs) and institutional investor interest as reasons for the move. “Cryptocurrencies could add value to our treasury strategy and act as a store of value,” he said.

Based in Rehovot, Israel, Steakholder Foods focuses on sustainable food technology. The decision to invest in cryptocurrency reflects the company’s interest in new financial strategies beyond its core business.

Beck & Bulow

Beck & Bulow, a Santa Fe-based meat and seafood company, announced last April that it would start accepting Bitcoin as a payment method, both online and in-store. The move, described by the company as an “innovative step,” aims to enhance payment flexibility and promote financial independence for customers and employees.

Through an integration with IBEX, a third-party payment processor, customers can now purchase Beck & Bulow’s products using Bitcoin. But the company didn’t stop there. It also revealed plans to convert 20% of its assets into Bitcoin, citing the cryptocurrency’s potential as a reliable store of value. “We will also retain all Bitcoin payments received, reinforcing our confidence in Bitcoin’s long-term potential,” the company said in a statement.

Beck & Bulow’s commitment to Bitcoin extends beyond payments and treasury. The company pledged to incorporate Bitcoin into its employee 401(k) program, offering staff a way to invest in the digital asset as part of their retirement planning.

This bold move places Beck & Bulow among a growing number of businesses adopting Bitcoin, not just as a payment method but also as a core component of their financial strategies. The company’s decision reflects confidence in the cryptocurrency’s role in fostering financial innovation and resilience.

Chipotle

Chipotle Mexican Grill is especially bullish on Bitcoin and digital currencies as part of its strategy to innovate and engage tech-savvy customers. The fast-casual restaurant chain accepts Bitcoin and other cryptocurrencies for in-store payments through Flexa, a digital payments platform. Customers can use Flexa-enabled apps like Gemini or SPEDN to make cryptocurrency payments seamlessly.

Chipotle has also leveraged cryptocurrency in its marketing campaigns, creating unique promotions to attract attention and reward customers. In April 2021, the company celebrated National Burrito Day by giving away $100,000 in Bitcoin. Participants guessed a six-digit passcode on a microsite for a chance to win. In July 2022, Chipotle ran another crypto-themed campaign, awarding over $200,000 in digital currencies through an interactive game. Of this, $35,000 in Bitcoin was split among six lucky winners.

Chipotle’s digital innovation extends beyond cryptocurrencies. The company launched “Burrito Bucks,” its in-game currency on the Roblox platform, allowing players to exchange their Burrito Bucks for free entrée codes rede