Balenciaga Stores in New York and Beverly Hills to Accept BTC and ETH

According to Bitcoinist, Balenciaga stores in New York City and Beverly Hills will begin accepting payments in Bitcoin (#BTCUSD) and Ethereum (#ETHUSD). The option will be available at the brand's flagship stores on Madison Avenue in NY and Rodeo Drive in BH. In addition, clothing at Balenciaga will also be available for tokens. 👍

New opportunities for crypto-enthusiasts and fashionistas

We learned about it on May 23, 2022. However, the news has already become a trend among crypto-enthusiasts and fashionistas. This continues the trend of being able to buy goods for Bitcoin and Ethereum among premium retailers.

So, this is probably a signal to other popular premium niche companies. We will see rapid growth of such opportunities in the fashion world if shoppers create demand for this service at Balenciaga.

Stores at the chain will begin accepting Bitcoin and Ethereum soon. However, the company is considering payments in other digital coins.

"Balenciaga is thinking about integrating cryptocurrency payments in the long term, and digital currency fluctuations are nothing new to us," the premium retailer said in a statement.

According to the company's representatives, they are not worried about the high volatility of assets. Because, first of all, cryptocurrencies are a payment method, not an investment tool. Therefore, they are ready to integrate crypto payments into other stores worldwide in the future if the demand remains stable. 📈

How will this affect the crypto world?

At the beginning of May, two more brands, Gucci and Tag Heuer announced plans to launch payment in cryptocurrency. Like Balenciaga, they are part of the Kering conglomerate. As a result, customers of Gucci stores in Los Angeles, New York, Atlanta, and Las Vegas will have many more payment options than Balenciaga customers — in Bitcoin, Ethereum, Litecoin, Shiba Inu, Dogecoin, and other tokens.

Overall, this confirms the trend of the gradual adoption of crypto payments in retail. First and foremost, this is a positive signal for crypto investors and enthusiasts. After all, the development of blockchain technology and its widespread use is a major booster for cryptocurrency prices. 💪

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