Wine Spectator: Cryptocurrency Enters The Fine Wine MarketMay 14, 2021
When Louis de Bonnecaze started diving into digital currencies in 2015, he saw a unique opportunity for the fine wine industry. 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. “I thought it was a good idea to use crypto as payment because it is fast, secure, and convenient,” de Bonnecaze told Wine Spectator. “People want to spend the virtual currency and change it to a tangible asset, and buying fine wines can be a solution.”
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.
Acker, 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. The accepted tokens include Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, PAX (Paxos Standard Token), Gemini Dollar, and BUSD (Binance USD).
“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,” said Acker president John Kapon. Wine Spectator has the full story.—Shawn ZylberbergSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.