The most recent major example of this is the country’s oldest wine shop, Acker, which has been around for almost as long as the country itself.
The well-known wine auction house has been around for 201 years now, established in 1820. These days, its auctions are run mostly online, allowing collectors to buy and sell luxury lines once every week. Well, this company has now decided to accept Bitcoin, as well as a number of altcoins, including Bitcoin Cash, Ethereum, and Dogecoin, plus a few stablecoins, such as PAX, GUSD, and BUSD.
A New Crypto Wine Industry?
I believe that the firm was quite encouraged by the surging prices, growth of interest in crypto, and judging by the fact that it added DOGE — possibly even by Elon Musk’s support of the coin.
Like many other crypto-friendly firms, it has teamed up with BitPay to process the crypto payments. In other words, you may be paying with crypto, but BitPay is converting it into fiat, which then eventually arrives to the company. There is nothing wrong with that, of course. You still get to spend crypto, and the firm gets fiat funds, which is what it prefers, and so everybody’s happy.
BitPay and Crypto Adoption
However, despite the fact that the firm is still accepting fiat following this conversion, it seems optimistic about cryptocurrencies. Its chairman, John Kapon, said that cryptos are ‘no longer a passing fad,” and that Acker is proud to start accepting this new form of payment as it enters its third century of existence. Not only that, but he also said that the company might make further crypto-related announcements in due time.
I believe that the firm might eventually expand the variety of altcoins that it is receiving, and who knows — maybe it even has bigger plans, such as launching a native crypto, or entering the NFT game. This is only my own speculation, of course, but it wouldn’t be that surprising, given the hype and popularity of NFTs these days.
Would you buy expensive wine with crypto?