Bitcoin is all the rage as of late, and it looks like more companies are looking for ways to reward their customers with the world’s number one digital currency by market cap. We all require groceries each month, and thus one of the largest grocery retailers in America – Kroger – has stepped forward and is offering its customers regular bitcoin rewards just for making normal, everyday purchases at their outlets and stores.
Kroger Is Offering BTC Rewards to Shoppers
Over the past week or so, bitcoin has surged beyond the $16,000 mark, thereby bringing bitcoin to its highest point in roughly three years. This comes with several advantages. For one thing, there are likely to be many more investors in the coming weeks, primarily people who are experiencing FOMO or fear of missing out.
The fact is that so long as bitcoin continues its present bull run and remains at this high price, people are going to want in and will look to add the currency to their portfolios. Thus, companies like Kroger are likely aiming to capitalize on this newfound desire – especially considering the asset is slated to reach its all-time high of $20,000 again by the end of the year.
Kroger has partnered with Lolli, a bitcoin exchange, and is now offering a new program designed to reward shoppers with the cryptocurrency. They can garner as much as 1.5 percent back on whatever they spend in Kroger stores, and all money delivered to customers will be in the digital asset. These rewards can be for orders that will either be picked up or delivered to the customers.
For the most part, grocery companies such as Vons and Ralph’s have been offering rewards programs like these for years, even decades. Granted you sign up for a rewards account with their stores, you can garner cashback on certain purchases, only this time, the rewards are not given in cash or a check that you can then use on future purchases. The rewards come by way of digital currency.
Pushing the Appeal of Bitcoin
Lolli is a bitcoin startup that has earned more than $5 million in investments from the likes of actor Ashton Kutcher, beauty entrepreneur Michelle Phan and Peter Thiel. In addition, Kroger has been doing quite well for itself, having seen its revenue jump from just over $14 billion in 2019 to more than $30 billion in 2020. The company’s profits have more than doubled, which may have been stirred by coronavirus fears and people stocking up on canned goods, toilet paper and other items that were deemed necessary to survive an extended lockdown.
For bitcoin, this partnership is likely to serve wonders in that it will now be introduced to a more general section of the public, thereby increasing its legitimacy and mainstream appeal.