Initially, the company will accept 10 Cryptocurrency, including "meme" Dogecoin and Shiba Inu
Gucci will begin accepting cryptocurrency payments at some of its US stores at the end of May. Visitors to outlets in New York, Los Angeles, Miami, Atlanta and Las Vegas will be able to pay with Cryptocurrency, writes Bloomberg .
In the summer, this method will appear in all American stores of the brand. Initially, the company will accept 10 cryptocurrencies for payment, including Bitcoin, Bitcoin Cash, Ethereum, Dogecoin and Shiba Inu.
The move to accept cryptocurrency payments demonstrates how Gucci firms are attempting to attract to newer generations of customers by catering to rising trends such as designing costumes for digital characters. However, not all luxury organizations agree. Axel Dumas, Hermes‘ executive chairman, warned earlier this year that the metaverse could be a method to generate “easy money,” citing the possibility of “hype.”
As central banks and governments pumped massive stimulus into Covid-ravaged economies, bitcoin and cryptocurrencies began to surge in 2020 and into last year. In November, the bull market came to an abrupt halt as rising inflation drove central banks to become more hawkish.
Bitcoin is down more than 40% from its high, and many smaller tokens have fallen even farther. Warren Buffett and his longstanding business partner Charlie Munger are two renowned crypto doubters who recently expressed their distaste for assets like Bitcoin.
In the first quarter of this year, Gucci accounted for more than half of Kering’s revenue. Lockdowns have lately been imposed on the fashion house in China, where the authorities is fighting a comeback of Covid-19.
In February 2022, François-Henri Pinault, CEO of Gucci Kering owner, said that fashion houses have innovative teams that are exploring the possibilities associated with the metaverses and the Internet of the future – Web3.
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