With a name like Ugly Christmas Sweater, then you can expect their business tends to be seasonal, but there’s one iteration of the ugly Christmas sweater that’s selling all year round, keeping the fashion faux pas (not) in style even outside of Christmas season.
That particular product are fully-knit decorated with the styling and logos of popular digital currencies, like bitcoin, Ethereum, and Litecoin, which they’ve dubbed as ugly crypto sweaters. This iteration of the ugly Christmas sweater has proven popular with the crypto currency community, with their maker, Ugly Christmas Sweater spinoff Hodlmoon, sold at least 2,000 sweaters throughout the whole of 2017.
Even long after the office Christmas parties, crypto investors are still sharing photos of the sweaters on social media sites like Twitter.
Hodlmoon is the brainchild of Zac Cohen, a web developer working at the Ugly Christmas Sweater website, who says that he got the idea for cryptocoin-themed sweaters after he made a $100 investment in bitcoin, which gave a return of $5,000 when the price per coin skyrocketed. He says that the basic math behind bitcoin made sense to him, explaining that there will only be ever 21 million coins, with the value expected to rise as the supply drops.
It’s from there that he came up with the idea of a cryptocoin themed ugly Christmas sweater, deciding to pitch the idea to the owners of Ugly Christmas Sweater, brothers Fred and Mark Hajjar.
The two accepted the idea, opting to give Cohen full creative control over the spinoff company that would specialize in fully-knit cryptocurrency sweaters, which he dubbed Hodlmoon. According to Cohen, to ‘hodl’ is when cryptocurrency investors hold on to their coins when the price drops, which might end up with their investment’s value spiking ‘to the moon’, as per the old saying.
He says that that’s what the Hodlmoon team is hoping for, and that, thankfully, the sweaters are holding out well. Back in 2017, the company sold at least 2,000 sweaters, ending up going through their whole supply for that year about two weeks before Christmas. Each sweater sells for $59.99 a piece, and generated about $200,000 in profit for the company in less than three months.