Luxury fashion brand Gucci to accept Bitcoin, Ethereum, Litecoin and Shiba Inu as payment
- Gucci, a luxury fashion giant, announced plans to extend a crypto payment pilot to all its directly-operated North America stores.
- Major validation by a luxury fashion brand is considered a bullish event for the cryptocurrency market.
- Bitcoin, Ethereum, Litecoin and Shiba Inu prices have recovered from the recent pullback as investor sentiment improves.
In a pro-crypto move, high-end Italian fashion brand Gucci has revealed plans to accept payment in ten cryptocurrencies and five stablecoins. The fashion giant plans to extend its services to 111 stores in North America.
Luxury brand accepts Bitcoin, Ethereum, Litecoin and Shiba Inu payments
Gucci, a high-end Italian fashion label, will start accepting Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin and five stablecoins as payment across its directly managed stores in North America.
The luxury fashion giant’s acceptance of cryptocurrencies is part of a pilot program across stores directly managed by Gucci. Stores in New York, Los Angeles, Miami, Atlanta and Las Vegas will accept payment in crypto. Customers would receive an email with a QR code to make a payment through a digital asset wallet.
Gucci has rolled out training for employees in crypto, NFTs and Web3 ahead of adoption across its stores in North America. This is not the fashion giant’s first stint in crypto; Gucci has previously dropped two NFT collections, SUPERGUCCI and Gucci Grail, in 2022. The NFT collections target owners of blue-chip digital asset projects like the Bored Ape Yacht Club and Pudgy Penguins.
Proponents believe in-store crypto payments across Gucci’s locations could drive the adoption of cryptocurrencies like Bitcoin, Ethereum, Litecoin and Shiba Inu. The purchase of luxury products through cryptocurrencies is a milestone event for digital assets like Shiba Inu.
@crypto_birb, a leading crypto analyst and trader, observed a falling wedge pattern in the Bitcoin price chart. Confirmation of a breakout will occur on a break above $44,800 which would be, “a bullish game-changer for investors.”
A long-term #Bitcoin breakout over the $44800 resistance could be a game-changer for bullish investors. Moreover, what does the uptick on the 50-week mean?
— CRYPTO₿IRB (@crypto_birb) May 5, 2022
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
