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Reading: Luxury Brands Embrace Cryptocurrency Payments
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Luxury Brands Cryptocurrency
PhotoNews Pakistan > Business > Luxury Brands Embrace Cryptocurrency Payments
BusinessOffbeat

Luxury Brands Embrace Cryptocurrency Payments

Web Desk
By Web Desk Published December 18, 2024 3 Min Read
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A representative image depicting that cryptocurrencies are accepted as high end brand payments. Photo Credits: FInimize
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Bitcoin’s rising value has attracted high-end fashion brands and retailers. They aim to engage new wealth pools and build loyalty among crypto investors.

Until now, only a few luxury brands, such as LVMH’s Hublot and Tag Heuer and Kering’s Gucci and Balenciaga, have accepted cryptocurrencies. Recently, the upscale French store Printemps partnered with Binance and Lyzi. They now accept Bitcoin and Ethereum in France, a first for European department stores.

🚀 As bitcoin soars, luxury brands consider accepting crypto payments (RTRS)

New wealth generated by bitcoin's recent highs – topping $107,000 on Monday – comes as the luxury industry faces its biggest slump in years and searches for new sources of growth.

Offering crypto… pic.twitter.com/drczvvrUtv

— Axi (@axi_official) December 18, 2024

This move coincides with Bitcoin’s price increase, sparking interest from other brands. David Princay, president of Binance France, noted a surge in inquiries from luxury labels.

Luxury brand S.T. Dupont will soon accept cryptocurrency in two Paris stores. Virgin Voyages also began offering a $120,000 annual pass, payable in Bitcoin, for unlimited cruise access.

Regulators warn about the risks and volatility of cryptocurrencies like Bitcoin. However, support from US President-elect Donald Trump could lead to more favourable regulations. This support has pushed Bitcoin to new highs, according to S&P analysts. They believe blockchain innovation could stabilize the financial markets.

JUST IN: Luxury Cars Manufacturer Ferrari to accept #Bitcoin and crypto payments in Europe. pic.twitter.com/PxT7Z7OwbP

— Bitcoin Magazine (@BitcoinMagazine) July 24, 2024

Luxury brands are adapting to attract tech-savvy shoppers, such as with the Hermes Apple Watch. With Bitcoin’s recent surge to over $107,000, the luxury sector sees a new growth opportunity during a major slump. Andrew O’Neill from S&P Global Ratings stated that accepting cryptocurrencies helps brands appear innovative to younger consumers.

Several top-tier luxury brands have already started accepting cryptocurrency as a form of payment. 🔥

🟢 Iconic brands like Gucci and Louis Vuitton are exploring blockchain technology to enhance the authenticity and traceability of their products.

🟢 Tesla and Lamborghini have… pic.twitter.com/A6QhUdlQ3D

— Instacoins US (@instacoinsus) October 24, 2024

Retailers typically convert cryptocurrency payments back to euros or dollars to avoid volatility. However, for Bitcoin investors with significant gains, luxury goods like designer handbags or high-end watches are attractive for diversifying portfolios.

Balenciaga has introduced a leather card holder designed for Stax hardware from crypto wallet company Ledger. This reflects a growing interest in catering to crypto users.

Kering’s Gregory Boutte described their tech strategy as proactive, aiming to attract younger and Asian clients. Gucci has been accepting cryptocurrencies for most US product purchases since 2022.

Printemps is expanding its crypto payments service to New York City next March. Bitcoin’s late 2021 rise initially drew interest from luxury brands. Leaders like Tag Heuer and Gucci began accepting cryptocurrency in the US soon after.

Crypto advocate Eunice Wong, or “Eunicorn,” used cryptocurrency for luxury purchases this year. She prefers buying from the secondary market over traditional retail, valuing efficiency and immediacy.

TAGGED:Bitcoin PriceFeatured
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