Bitcoin’s penetration continues to grow and even major fashion houses are opening their doors to cryptocurrency payments
Big luxury brands seem to be increasingly interested in bitcoin. This is the discount that can be made by commenting on the recent decision of the well-known fashion house Gucci to accept, in some of its stores, Bitcoin Payments.
The Gucci movement matches Growing international adoption of cryptocurrency. On the operational side, this dynamic could also affect Bitcoin’s performance since, as many analysts claim, the Widespread adoption of bitcoin payments It is one of the biggest support for the prices of the most important cryptocurrencies.
Specifically like cause/effect relationship Between the spread of Bitcoin and the value of BTC, it can be exploited to trade on the cryptocurrency. Today there are many ways to invest in Bitcoin but our advice is to rely on multi-functional brokers that allow for a full experience. An example is eToro (here is the official website).
But let’s get back to the news about Gucci’s Decision to Accept Bitcoin Payments. First of all, the transfer of the well-known luxury brand is not symbolic. In fact, Aldar has also indicated the date when the new payment method will be introduced. By the end of the current month (that’s the timing), some stores in the US will start accepting payments in Bitcoin.
However, the plan is not set to stop there, as by summer the program could also be expanded to other stores but always in the US. According to Vogue Business (this is the original source of the news), Bitcoin payments will be made using a QR code that customers can scan using a crypto wallet sent by Gucci via email.
Be careful because in Gucci stores not only bitcoins will be accepted but also Bitcoin Cash, Ethereum, Shiba Inu, Dogecoin, Litecoin.
Traders should consider these cryptocurrencies because their prices, thanks to Gucci’s important opening, can record strong divergences.
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Regarding Guggi’s decision, Vogue Business has always stated that the first stores of the House that are ready to accept payments in Bitcoin will be:
- Worcester Street in New York,
- Rodeo Drive in Los Angeles,
- Miami Design District,
- Phipps Plaza in Atlanta,
- The Shops at Crystals in Las Vegas
Guggi is not the first luxury brand to accept Bitcoin payments. Previously, Off-White talked a lot about himself to make a similar decision.
Guggi’s decision to open cryptocurrency payments in some of its stores is the latest in the popular house’s move to Web3. At the beginning of the year, in fact, Gucci entered the metaverse by acquiring virtual land in the decentralized blockchain game The Sandbox. The house also builds a virtual “Gucci Vault” for NFTs that have the Gucci theme.
Luxury Brands on the Web 3
Guggi is just the latest major brand, in chronological order, to have entered Web3 with the goal of emphasizing in the digital world. In the new reality, prestigious clothing lines such as Dolce & Gabbana, Adidas, Nike, Vans and Balenciaga are already active. These brands will have to deal with crypto fashion houses such as Digitalax, Blanksoles, DRESSX and Red DAO. The challenge has just begun.
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