Gucci To Start Accepting Crypto - The Italian luxury brand is on board

The latest in fashion news? Italian luxury brand, Gucci, will start accepting cryptocurrency as a valid form of payment. If you would have asked me 5 years ago if I thought that Gucci would hop on the cryptocurrency wave, I would have undoubtedly said no. But with the recent rise of cryptocurrency and its popularity, more brands have started to warm up to the possibility of accepting cryptocurrency.

Gucci announced that customers shopping at a handful of their Flagship Outlets would be able to use a QR code with a digital asset wallet that would allow them to pay for their purchases using either Bitcoin, Ethereum, Litecoin, and even Dogecoin. Gucci is testing out the use of cryptocurrency as a form of payment and will use these results to see if they want to roll this out across the board. This is monumental, I mean one of the biggest luxury designers accepting cryptocurrency definitely affirms the validity of this payment for luxury retailers.

Many retailers are hesitant to accept cryptocurrency for a number of reasons. This can be because they honestly don't understand the form of payment, they are worried about the deregulation aspect, and because it is not legal tender they would rather not deal with the hassle. But as we see more countries and even states push for the use of cryptocurrency, it would be in businesses' best interest to try to adapt and assimilate into this financial realm. So what are we expecting to see from this? Well we won't really know until this experiment is actually rolled out but I think this will definitely be a game-changer for Gucci!