Gucci Is Now Accepting Shib, Doge and BitcoinMay 7, 2022 8:29 pm
Iconic fashion brand Gucci is now accepting 10 different cryptocurrencies which include Shiba Inu, Dogecoin, and Bitcoin.
The luxury brand will start accepting cryptocurrency payments at the end of May and by the end of the Summer, the fashion brand is expected to accept cryptocurrency at all of its locations in North America.
Besides Shib, Doge and Bitcoin, Gucci is also accepting Litecoin, Ethereum, and several stable coins.
As of right now, the first stores that will accept cryptocurrency are Gucci’s New York, Los Angeles, Miami, Atlanta, and Las Vegas locations.
Gucci is going to accept Bitcoin as a payment method — AS WELL AS DOGECOIN AND SHIBA INU — at all of its U.S. stores by the end of the summer 🚀https://t.co/8hpKCZO5qB
— CoinMarketCap (@CoinMarketCap) May 5, 2022
— Shytoshi Kusama™ (@ShytoshiKusama) May 6, 2022
The Street had these details to share:
Gucci is accepting payment in more than 10 cryptocurrencies, including bitcoin, ethereum, litecoin and shiba inu.
The iconic Italian luxury brand will accept cryptocurrency payments in some US stores at the end of May, Vogue Business reported, and plans to extend the pilot to all of its directly operated North America stores this summer.
Gucci, which did not immediately respond to a request for comment, will accept payments in more than 10 currencies, including bitcoin, bitcoin cash, ethereum, wrapped bitcoin, litecoin, shiba inu and five stablecoins pegged to the US dollar. The first Gucci stores to take crypto are Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta and The Shops at Crystals in Las Vegas.
“The news of Gucci announcing its accepting cryptocurrencies as payment later this month means that there will be a growing demand for crypto-to-fiat conversion as Gucci will be ultimately accepting fiat funds,” said Fuad Fatullaev, founder and CEO of WeWay. “This means that banks and other payment services will be viewing crypto-to-fiat services as a new dimension of financial services. It will consequently allow such service providers to expand their clientele.”
— $SHIB KNIGHT (@army_shiba) May 6, 2022
Analytics Insight had more on the story:
Shiba Inu has seen far better days in 2021 than it is currently facing in 2022. The skyrocketing memecoin has dived more than 20% in April since its all-time highs. Even after its historic listing in one of the most prominent crypto exchanges, Robinhood, the crypto failed to perform and instead, drastically fell taking down with it the high hopes of the investors. According to reports, the SHIB token is more than 76% below its all-time highs in October 2021.
Critics have always been quite skeptical regarding the crypto’s future potential and after its poor price rally and consistent bearish state since the beginning of 2022, even SHIB investors started looking for other means of investment to avoid any further losses. But recently, they are envisioning some ray of hope after Gucci announced that it will be accepting payments through a bunch of cryptocurrencies, including Shiba Inu.
The world-renowned high-fashion brand is all set to accept payments in digital currencies in all its five stores located in the US from later this month. Gucci announced this initiative right after it started exploring the Web 3.0 domain. Experts believe that this step from Gucci will definitely spike the Shiba Inu price and will in some way support its falling value.
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