Earlier this year, Tesla announced that not only were they making a billion-dollar Bitcoin purchase, but they would also be accepting the cryptocurrency as a payment method for their vehicles, adding validity that the cryptocurrency has been needing for years.
Considering the massive boom in the world of crypto, some industries have adopted it fast, while others have been really slow, or not even adopting it at all. This post will look at which luxury brands have jumped onto the crypto train.
Elon Musk and Tesla have sort of set themselves up to be the guinea pigs to test if wide scale acceptance of cryptocurrencies, in exchange for goods, can work. While in theory it should work just fine, obviously there will be skeptics.
As mentioned already, Tesla taking this very, very big step into accepting cryptocurrency as a legitimate form of payment should signal to other companies and brands that crypto is something that they should finally be taking seriously.
Crypto for Communities
While many experts dont think that cryptos will become the sole trading asset in the world of luxury brands, many do believe that there is a way to tie cryptos in with current business, with some brands already taking advantage of it.