Business Desk 
Dec 19, 2024
The recent rise in Bitcoin’s value has caught the attention of luxury fashion brands and retailers, prompting them to consider offering cryptocurrencies as a means of payment.
This development comes on the heels of Bitcoin’s record-breaking surge on Monday, as the world's biggest cryptocurrency rose past an all-time high of $106,000.
By embracing crypto payments, luxury brands aim to build friendly relations with crypto investors.
Cryptocurrencies as means of payment
Till now, only a few luxury brands have experimented with crypto payment offers. These include a few watch brands owned by LVMH, Hublot, and Tag Heuer, and Kering-owned fashion brands Gucci and Balenciaga.
Recently, French luxury department store Printemps announced a partnership with Binance, the world’s largest crypto exchange, and Lyzi, a French financial tech company, to accept cryptocurrencies including Bitcoin and Ethereum in its stores in France.
This move has also sparked interest among other brands and retailers to hop on the bandwagon.
Notably, Binance France President, David Princay, noted that the company is in talks with other luxury labels. “There have been quite a few calls and it’s generated interest,” he stated.
Moreover, a cruise company Virgin Voyages has begun offering its first product, a $120,000 annual pass that can be purchased with Bitcoin.
Furthermore, Balenciaga, another renowned luxury brand, recently issued a leather card holder to hold “Stax” crypto wallet company Ledger's hardware.
