Bitcoin in Balenciaga; More luxury fashion brands to catch the crypto bug?

Sahana Kiran
Source – WallpaperSafari

Bitcoin [BTC] and other cryptocurrencies have the spotlight on them and are being dressed by the biggest fashion brands in the world. Just when the crypto-verse was gushing over Gucci accepting crypto in its US stores, Balenciaga veered in and decided to embark on the digital journey.

Thanks to digitalization, cryptocurrencies garnered significant traction. From restaurants to real estate and even governments, everyone seemed to be embracing Bitcoin. In a similar attempt, the French luxury brand, Balenciaga disclosed that it now accepts payments in cryptocurrency. At present, Bitcoin and Ethereum [ETH] are the only two assets accepted by the fashion giant. However, the addition of other cryptocurrencies would reportedly take place in the near future.

According to a recent statement, Balenciaga has started accepting Bitcoin and Ethereum at its US stores. Balenciaga flagship stores on Rodeo Drive in Beverly Hills and Madison Avenue, New York are among them. The fashion brand further affirmed that it would add crypto into its other stores as well. Balenciaga’s online portal is also likely to include Bitcoin in its system in the near future.

Earlier this month, another fashion behemoth Gucci revealed that it was going to accept over 10 cryptocurrencies. This list included meme coins like Dogecoin [DOGE] and Shiba Inu [SHIB]. The luxury watch brand, Tag Heuer caught the crypto bug as well. It seems like cryptocurrencies were slowly veering into the fashion industry.

Is Bitcoin’s volatility, not a concern anymore?

The entire crypto market was recently painted in red. The crypto carnage instigated by Terra instilled fear among individuals and further lose hope. During a time like this, Balenciaga’s brave move was lauded by the community.

The crypto industry’s volatility has been a major concern to many. Balenciaga, however, seemed to be untethered by it. The luxury fashion brand said,

“Balenciaga is thinking long-term about crypto, and fluctuations in currency value are nothing new.”