Hodlmoon says crypto sweater sales are booming all year round
Ugly Christmas Sweater company, UglyChristmasSweater.com, says its spinoff firm, Hodlmoon, is booming.
Clearly, an ugly Christmas sweater is a seasonal item, but since the festive jumper company launched Hodlmoon, their items have been an all-year-round hit.
Launching in October, Hodlmoon is an ugly crypto sweater version of its main business.
The jumpers are emblazoned with cryptocurrency logos such as Bitcoin, Ethereum, and Litecoin.
The crypto garments have become an instant success among the crypto community.
The clothing is quickly becoming the unofficial uniform digital currency investors, rather than just a novelty item.
Hodlmoon says they have made a whopping $200,000 in sales from the crypto sweater range in 2017 alone.
The company’s $59 garments have been a hit long after the holiday office parties ended.
Crypto investors are still sharing photos of their sweater on Twitter.
I'm starting to get tired of the seemingly never ending snow… The upside however: It doesn't feel too weird to keep wearing @hodlmoon's cozy crypto sweaters ❄️ #ethereum #lookoftheday pic.twitter.com/NIFpRuzCuZ
— Tam ⚡️ L. Suong Nguyet (@cryptoFeminist) March 22, 2018
— Iliana Oris Valiente (@IlianaOV) February 18, 2018
Speaking to Business Insider, the sweater’s creator explains how the unofficial crypto-uniform was born.
Hodlmoon came from a crypto-buying frenzy
A web developer at UglyChristmasSweater.com, Zac Cohen, said he got the idea for Bitcoin-themed sweaters after sucessful investment.
Cohen says he turned a $100 into $5,000 by investing in Bitcoin as the price per coin soared.
He bought one bitcoin in 2013, explaining that the basic math behind it was logical to him.
Bitcoin has a limited and finite supply, just like gold.
People purchase Bitcoin with the expectation that its value will increase as supply decreases, as there will only ever be 21 million coins.
Cohen said this was an attractive proposition for him, saying:
“I was just like, I’m going to buy one so I can say I have one of 21 million.”
He watched the price of Bitcoin rise rapidly, gaining a few hundred dollars a day on occasions last year.
A buying frenzy around the digital currency followed, sending prices sky-high.
In the chaos, Cohen spotted a business opportunity for UglyChristmasSweater.com.
He pitched the idea of an ugly crypto-themed sweater to brothers Fred and Mark Hajjar, the company’s owners.
The unofficial uniform for bitcoin boosters
The Hajjars gave Cohen creative control over a spinoff company to follow-through on his idea.
The new company specializes in knitted sweaters emblazoned with the logos of popular cryptos, including, Bitcoin, Ethereum, and Litecoin.
They called it Hodlmoon.
“Hodl” refers to holding investments in cryptocurrency and resist selling when the prices slide.
If an investor “HODLs,” their investment might rise in value “to the moon,” as the saying goes.
Cohen says it’s a philosophy he lives by, saying:
“It’s everyone’s hope.
“That’s what I’ve been doing. So far so good.”
It immediately rocketed to the site’s front page, receiving over 2,000 “upvotes,” Reddit’s equivalent of “likes.”
Hodlmoon sold 200 sweaters during the first weekend of online sales in October.
— Erick Ƀlockchain (@erickpinos) January 14, 2018
The company later sold over 2,000 sweaters in 2017 before selling-out completely almost two weeks before Christmas.
The sweaters generated roughly $200,000 in revenue in less than three months and retail for $59.99 each.
Hodlmoon accepts credit as well as cryptocurrency as payment.
Even Ethereum founder Vitalik Buterin’s dad and cryptocurrency entrepreneur, Dmitry Buterin, wears Hodlmoon’s Ethereum-themed sweater in his profile picture on Twitter.
— Dmitry Buterin (@BlockGeekDima) December 15, 2017
The sweater’s success stems from the passionate communities of cryptocurrency investors, says Cohen.
“It’s a niche inside a niche,” he added.