Bitcoin’s rally is nudging more luxury companies to make crypto a payment option—and sends a strong message to its younger clientele

Fortune12-18

Bitcoin has been on a dream run since Donald Trump was elected the next U.S. president, driving the cryptocurrency to record highs day after day. The big rally has piqued the interest of luxury brands...

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The big rally has piqued the interest of luxury brands...</p>\n\n<a href=\"https://finance.yahoo.com/news/bitcoin-rally-nudging-more-luxury-133705249.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin’s rally is nudging more luxury companies to make crypto a payment option—and sends a strong message to its younger clientele</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin’s rally is nudging more luxury companies to make crypto a payment option—and sends a strong message to its younger clientele\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-12-18 21:37 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/bitcoin-rally-nudging-more-luxury-133705249.html><strong>Fortune</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Bitcoin has been on a dream run since Donald Trump was elected the next U.S. president, driving the cryptocurrency to record highs day after day. The big rally has piqued the interest of luxury brands...</p>\n\n<a href=\"https://finance.yahoo.com/news/bitcoin-rally-nudging-more-luxury-133705249.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4555","symbol_name":"新能源车","start_time":0,"source_url":"https://finance.yahoo.com/news/bitcoin-rally-nudging-more-luxury-133705249.html","article_id":"2492135858","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/aCIaWfJsaU5euLT8nYsYZg--~B/aD0xMzY2O3c9MjA0ODthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/fortune_175/c24fbb01872f7e9ebed6edd5691bb45b"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2492135858","pubTimestamp":1734529025,"columns":[],"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Bitcoin has been on a dream run since Donald Trump was elected the next U.S. president, driving the cryptocurrency to record highs day after day. The big rally has piqued the interest of luxury brands, who are now looking to offer crypto as a form of payment.The price of Bitcoin crossed the $100,000 mark earlier this month and is on an upward trajectory to $110,000 in anticipation of Trump’s pro-crypto policies.Niche luxury companies, such as French pen-maker S.T. Dupont, are moving fast to offer crypto payments in two of its Paris stores before the holidays, Reuters reported. Printemps, a French department store, will soon accept the digital currency as payment.The head of Binance France, the French unit of the world’s largest crypto exchange, acknowledged that there was more interest overall, including from luxury players. This points to a growing acceptance of the digital asset as a mode of payment despite skeptics and regulators pushing back on it.Ferrari’s case illustrates another","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4555":"新能源车","BK4099":"汽车制造商","BK4548":"巴美列捷福持仓","BK4601":"加密货币现货ETF","RACE":"法拉利","BK4585":"ETF&股票定投概念","BK4594":"比特币ETF概念","BK4588":"碎股"},"translate_title":"比特币的反弹正在推动更多奢侈品公司将加密货币作为支付选择，并向其年轻客户发出了强烈的信息","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RACE":0.9},"content_text":"Bitcoin has been on a dream run since Donald Trump was elected the next U.S. president, driving the cryptocurrency to record highs day after day. The big rally has piqued the interest of luxury brands, who are now looking to offer crypto as a form of payment.\nThe price of Bitcoin crossed the $100,000 mark earlier this month and is on an upward trajectory to $110,000 in anticipation of Trump’s pro-crypto policies. \nNiche luxury companies, such as French pen-maker S.T. Dupont, are moving fast to offer crypto payments in two of its Paris stores before the holidays, Reuters reported. Printemps, a French department store, will soon accept the digital currency as payment.\nThe head of Binance France, the French unit of the world’s largest crypto exchange, acknowledged that there was more interest overall, including from luxury players. This points to a growing acceptance of the digital asset as a mode of payment despite skeptics and regulators pushing back on it.  \n“While we cannot comment on specific companies or sectors choosing to engage with crypto as a payment option, we are gratified by the increasing adoption of cryptocurrency across diverse industries,” a Coinbase spokesperson told Fortune.\nPast rallies have rushed luxury majors to allow cryptocurrency payments. For instance, Gucci, LVMH-owned Tag Heuer, and Burberry have offered crypto payments since 2022, following a surge in the asset’s value through 2021. It was around then that Bitcoin, Ethereum, and non-fungible tokens (NFTs) started to become more mainstream, with Tesla buying the digital currency and El Salvador making it legal tender. \nWhen Kering-owned Gucci and Balenciaga announced two years ago that they would accept crypto payments, it was clear that high-end brands wanted to reach customers through an increasingly lucrative avenue. Gucci stores, for instance, offered a simple QR code scan-and-pay option in New York, Los Angeles, and other high-profile locations. \nMore the merrier\nAs select brands adopted crypto payments, luxury marketplaces also joined forces. Farfetch, an e-commerce platform that sells products from 1,400 brands, green-lit crypto payments in 37 countries just as the top-end brands began jumping on the crypto ship. \nUltimately, luxury companies need to be “where the luxury customer is today and where they’ll be tomorrow,” Farfetch’s CEO José Neves told the Wall Street Journal in 2022.\nFerrari launched crypto payments on its ultra-luxury cars last year in response to demand from dealers and buyers who were also crypto investors. That also included several young businesspersons who had extensive crypto holdings. \nIn July, the Italian company extended the option to Europe following success in the U.S. When a customer pays with crypto, it “will be converted immediately into traditional currency,” Ferrari said in a statement earlier this year.  \nFerrari’s case illustrates another reason why crypto payments could unlock more than just ease of payment: it could open up a whole new clientele of those who’ve made fortunes trading the digital currency.\nCrypto holdings in Europe are primarily skewed towards a younger demographic of Gen Z and Millennials. Due to macroeconomic volatility following the COVID-19 pandemic, high-end brands are still trying to lure back shoppers beyond the so-called Silver Spenders or older individuals who have accumulated wealth over time. \nAs Andrew O’Neill, the digital assets lead at S&P Global, said, crypto payments could help a luxury firm be more than “a stuffy old brand that's only selling to the boomers.”\nEven if the option is only meant to offer more flexibility rather than for luxury retailers to up their crypto stakes, it’s still valuable. Given that parts of Asia, particularly China, have struggled with poor economic recovery, the digital currency might offer an added incentive to attract them.\nThis story was originally featured on Fortune.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492135858"}