As Bitcoin’s value surges, luxury brands and retailers are increasingly exploring cryptocurrency payments to tap into the growing wealth of crypto investors.
French department store Printemps recently became the first European store to accept Bitcoin and Ethereum, in partnership with Binance. Other brands, such as S.T. Dupont and Virgin Voyages, are also moving towards crypto payments.
Despite concerns about Bitcoin’s volatility and limited real-world use, luxury brands see crypto payments as a way to cater to tech-savvy, younger consumers.
Gucci and Balenciaga have embraced cryptocurrencies, with Gucci accepting them for purchases in the U.S. since 2022. While the move is largely symbolic, it positions these brands as innovative and appealing to the new generation of wealth.
Source: Reuters