Luxury brands flood into the cryptocurrency market, with Bitcoin payments becoming a new trend
As the value of the virtual currency Bitcoin continues to soar, attracting the attention of more and more luxury brands, they have decided to offer cryptocurrency as a payment method, explore new sources of wealth, and establish brand loyalty among cryptocurrency investors.
According to Reuters, the only brands currently offering cryptocurrency payments are Hublot and Tag Heuer under LVMH, as well as Gucci and Balenciaga under Kering. As the price of Bitcoin rises, more and more luxury brands and retailers are beginning to experiment with offering cryptocurrency payments
French high-end department store Printemps recently announced that it will collaborate with Binance, the world's largest cryptocurrency exchange, and French fintech company Lyzi to accept Bitcoin and Ethereum payments, becoming the first department store in Europe to accept cryptocurrency.
David Princay, President of Binance France, said that the company is in talks with other luxury brands and "we have received many phone calls, which have indeed raised concerns
Luxury lighter and pen manufacturer S T. Dupont plans to accept cryptocurrency payments at two branches in Paris before the 2024 Christmas holiday. Cruise company Virgin Voyages first launched a product accepting Bitcoin as a payment option in December last year, which is a $120000 annual ticket that can be used on its cruise ship for one year.
Regulatory authorities have long warned that cryptocurrencies such as Bitcoin are high-risk assets with limited practical applications in real life, and high volatility is also one of the obstacles to their use as a payment method.
Source: ETtoday