Gucci embraces crypto: buy high-end fashion with your Bitcoins!
It’s only in the US for now, but high-end retailer, Gucci, has announced that it will now accept cryptocurrencies as payment. Shoppers can buy high-end fashion from the brand using Bitcoin, Ethereum, Litecoin and several other options.
Transactions will be handled simply: consumers will simply scan a QR code to make the payment directly from their crypto wallet.
There is no word on when Gucci locations outside of America might start to accept these payments. However, the mainstream adoption of crypto has often been said to hinge on its ability to be used as a currency for conventional transactions. In America, consumers can now purchase anything from Microsoft technology to Starbucks coffee using their crypto wallets. While concerns remain over the volatile pricing changes of crypto meaning that for low-value purchases (like coffee), consumers might end up paying much more than intended, for higher-end products, like Gucci, there seems to be a greater market opportunity.
There are also now two nations that have normalised the use of crypto as a national currency – El Salvador and the Central African Republic.