![]() ![]() The value of Bitcoin and other cryptos are highly volatile, but these merchants are converting it to dollars or euros. Kapon and others are comfortable that the risks in accepting crypto are limited compared to investing in it. De Bonnecaze says his team sold their first en primeur in crypto with Cheval Blanc futures, the majority of buyers paying in Bitcoin and Ethereum. As of today, Château Cheval Blanc kickstarted the 2021 Bordeaux futures campaign with the release price of its 2020 vintage. He says most of BTC Wine's buyers are men between the ages of 25 and 45, and that people who have won big with Bitcoin investments are driving his sales of Bordeaux first-growths. "You can receive it 10 minutes after."ĭe Bonnecaze adds that the rise of crypto has increased sales. "When we use wire transfer for international business, it takes three or four days to pay, but a Bitcoin payment is nearly instantaneous," he says. ![]() He enjoys the convenience of digital money. "My processing fee is 1 percent with zero chance of fraud while my credit cards are over 4 percent because I have fraud protection from my provider that's a big difference."Īcross the Atlantic, de Bonnecaze uses to exchange his tokens for euros. ![]() "My processing charge is significantly less than a credit card," he says. In fact, Porter prefers that customers use crypto. Porter, who uses BitPay as well, explains that customers buy wine with their digital wallets and he receives the money in U.S. Anything that I can convert immediately into U.S. "It's not to me any different than a euro or anything else. "To me, it's important to be first when the technology makes sense, and it did," Porter said about initially accepting crypto. The company, founded by Warren Porter, has retail locations in New York, storage facilities in Toronto and conducts auction events throughout Canada. That same year, Toronto-based auction house and retailer Iron Gate Wine became one of the first to accept crypto for its products. "It is clear that there has been significant wealth created by cryptocurrency, and we feel strongly that people already investing and transacting in cryptocurrencies will also be receptive to an alternative asset class like wine, which has also performed exceptionally over time," Kapon said.Ĭhicago-based auction house Hart Davis Hart has been accepting crypto since 2019. The accepted tokens include Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, PAX (Paxos Standard Token), Gemini Dollar and BUSD (Binance USD).Īcker president John Kapon says it felt like the right time to provide additional payment options that have become popular among Acker's network of wine lovers. In the past few years, wine auction houses and retailers have increasingly accepted digital tokens such as Bitcoin in the wine world, but many are still hesitant about virtual currencies-decentralized, digital money not issued by a government.Īcker, a 200-year-old wine merchant that saw record-breaking auction sales in 2020, recently announced that it will be accepting digital tokens for auction and retail purchases via BitPay, a payment service provider that helps convert digital currency to cash for merchants. "People want to spend the virtual currency and change it to a tangible asset, and buying fine wines can be a solution." "I thought it was a good idea to use crypto as payment because it is fast, secure and convenient," de Bonnecaze told Wine Spectator. Three years later, the CEO of BTC Wine, a Bordeaux-based wine retailer, became one of the first to accept cryptocurrencies, or “crypto,” as payment for prestigious French wines. When Louis de Bonnecaze started diving into digital currencies in 2015, he saw a unique opportunity for the fine wine industry.
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