- Gucci, a luxury fashion giant, announced plans to extend a crypto payment pilot to all its directly-operated North America stores.
- Major validation by a luxury fashion brand is considered a bullish event for the cryptocurrency market.
- Bitcoin, Ethereum, Litecoin and Shiba Inu prices have recovered from the recent pullback as investor sentiment improves.
In a pro-crypto move, high-end Italian fashion brand Gucci has revealed plans to accept payment in ten cryptocurrencies and five stablecoins. The fashion giant plans to extend its services to 111 stores in North America.
Luxury brand accepts Bitcoin, Ethereum, Litecoin and Shiba Inu payments
Gucci, a high-end Italian fashion label, will start accepting Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin and five stablecoins as payment across its directly managed stores in North America.
The luxury fashion giant’s acceptance of cryptocurrencies is part of a pilot program across stores directly managed by Gucci. Stores in New York, Los Angeles, Miami, Atlanta and Las Vegas will accept payment in crypto. Customers would receive an email with a QR code to make a payment through a digital asset wallet.
Gucci has rolled out training for employees in crypto, NFTs and Web3 ahead of adoption across its stores in North America. This is not the fashion giant’s first stint in crypto; Gucci has previously dropped two NFT collections, SUPERGUCCI and Gucci Grail, in 2022. The NFT collections target owners of blue-chip digital asset projects like the Bored Ape Yacht Club and Pudgy Penguins.
Proponents believe in-store crypto payments across Gucci’s locations could drive the adoption of cryptocurrencies like Bitcoin, Ethereum, Litecoin and Shiba Inu. The purchase of luxury products through cryptocurrencies is a milestone event for digital assets like Shiba Inu.
@crypto_birb, a leading crypto analyst and trader, observed a falling wedge pattern in the Bitcoin price chart. Confirmation of a breakout will occur on a break above $44,800 which would be, “a bullish game-changer for investors.”
A long-term #Bitcoin breakout over the $44800 resistance could be a game-changer for bullish investors. Moreover, what does the uptick on the 50-week mean?
— CRYPTO₿IRB (@crypto_birb) May 5, 2022
Learn more: https://t.co/WQAXTi2vFg pic.twitter.com/HF9d3x3nR6
BTCUSD Price Chart
@IAmCryptoWolf maintains $10,000 as a conservative target for Ethereum, and argues the six-month ascending triangle leads to a 287% expansion. We are now in a fifteen-month ascending triangle consolidation.
ETHUSD Price Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.