Bitcoin has been a hot topic in all corners of the world and across different industries. Its recent price surge has brought the token into the spotlight and attracted investors from different circles, such as corporate banking, governments, etc. According to recent news, Bitcoin has now also attracted one of the most elusive sectors, the luxury sector. 

According to a Reuters report, Bitcoin’s recent strong price performance has caught the eye of luxury brands, including top fashion brands and luxury retailers. The report shows that the elusive luxury niche is now strongly considering offering cryptocurrencies as a means of payment. 

As elusive as the luxury world has been, it has dabbled in cryptocurrency before. Top brands such as luxury conglomerate LVMH, luxury watch brands Tag Heuer and Hublot, and fashion brands Gucci and Balenciaga have experimented with crypto payment offers in the past. 

However, in recent weeks, we have seen many top luxury brands join the crypto craze. French luxury department store Printemps just recently announced that it would be accepting crypto payments, including Ethereum and Bitcoin, through a partnership with Binance, the world’s largest cryptocurrency exchange, and the French financial tech company Lyzi.

This move from Printemps has reportedly sparked interest in crypto from other brands and retailers who are also contemplating crypto adoption. David Princay, president of Binance France, revealed this, saying that many luxury brands have contacted the company. "There have been quite a few calls—it's generated interest," he said. 

News from Reuters shows that luxury lighter and pen maker S.T. Dupont is working on accepting crypto payments in at least two of its Paris stores before the holidays begin. 

In similar news, cruise giant Virgin Voyages has also steered towards crypto adoption as the company began offering crypto as a payment option with a special package of a $120,000 annual pass for up to a year of sailing on its cruise ships.

Analysts have commented on the sudden interest in crypto from the luxury sector, suggesting that these brands are looking to crypto bros to save them as sales of top luxury brands have remained negative in the US and other countries. 

With Bitcoin’s ascent, analysts have stated that luxury brands are opening crypto shops to cash in on some of the gains the crypto sector is seeing, tap into fresh pockets of wealth, and build loyalty with crypto investors. 

Andrew O’Neil, digital assets lead analyst at S&P Global Ratings, has recognized the move from these luxury brands as a good attempt for many of them to brand themselves as innovative rather than “a stuffy old brand that's only selling to the boomers.”

He also noted that the payment option these luxury brands are offering is largely symbolic as many immediately reconvert the crypto funds to euros or dollars to shake off the risk of volatility crypto is known for.

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