Cryptocurrency has been making waves in recent years, with Bitcoin famously making a number of young investors overnight millionaires back in 2010. Once viewed as little more than a fad, this leading digital asset has gone from strength to strength in recent years, peaking at an all-time high value of over $64,000 just this year – and although it has seen one or two hiccups in recent months, it has certainly proven that it is here to stay.
Since its advent, we’ve seen many other cryptocurrencies make their way onto the investment market, and from Ethereum to Dogecoin, we’re seeing an increasing number of both new and highly experienced investors clamouring to get a slice of the pie. Billionaires such as Elon Musk and Jeff Bezos have both been linked to them, and as a growing number of people across the globe look to dip their toe into trading, the way is being paved for crypto to go mainstream.
Responding to the fact that there are now many traders out there who might be sitting on a crypto fortune, high-end and luxury companies are beginning to take note, and are taking steps towards making Bitcoin and its competitors accepted methods of payments for a range of goods and services. From lavish sports cars to designer goods, and even five-star holidays, there are now more ways to spend digital currencies than ever before. Here we take a look at just some of the things you can open your Bitcoin wallet for in 2021.
A night at the casino
In a bid to retain their most high-rolling customers, an increasing number of online casinos are now allowing their members to make Bitcoin deposits with which they can indulge in their favourite games of Roulette, Poker, Blackjack and more. By opening up crypto as a means of payment, they have become even more appealing to wealthy big spenders who have money to burn, and set themselves apart from competitors who have yet to take the plunge. So, if you’re wondering what to do with your crypto stash, then look no further – because a night at the casino is on the cards.
A luxury supercar
In 2017, Lamborghini became the luxury car of choice amongst successful Bitcoin traders during its bull run – and with good reason. It was around this time that the ultra-high-end brand announced that some of its dealers had begun to accept Bitcoin as a payment method for those looking to get their hands on a set of new wheels – and it wasn’t long before other esteemed manufacturers began to follow suit. Now, you’ll find some Bugatti and McLaren dealers also offering up the option, paving the way for crypto to become a more widely accepted means of payment in the luxury car market.
More recently, leading electric car manufacturer Tesla announced it had invested eight per cent of its group cash flow in Bitcoin, although after beginning to accept it as a payment method, it later backtracked on this, with head honcho Elon Musk explaining the reasoning. It was, he said, because too much fossil fuel was being used in the mining of Bitcoin, which was out of alignment with the brand – but in July of this year, it was indicated that Tesla could be set to change its stance once again after conducting due diligence on the amount of renewable energy used in mining, which turned out to be higher than previously thought.
While it’s not yet possible to spend your crypto at a Michelin Star restaurant, you can now enjoy a bottle of the finest vintage in exchange for Bitcoin. BTC Wine was one of the first companies to begin offering the service, which allows customers to source prestigious fine wines including Burgundy, Champagne and Great Bordeaux.
As a tangible asset, fine wine is also a great way to hedge crypto market fluctuations and diversify your portfolio – although if the temptation to pop those corks is just too high, then you might be best placing your investments elsewhere.
Luxury watches and leather goods
Cartier was one of the first designer watch brands to begin accepting crypto as a means of payment, but since then, various online stockists of leading brands like Rolex and Patek Philippe have also begun to follow suit. Bitdials now offers everything from Chopard luxury bags to Cartier jewellery in exchange for Bitcoin, as well as its range of high-end watches.
The bottom line
Could crypto be going mainstream? That remains to be seen – but it’s safe to say that the luxury market, keen to retain its high-net-worth customer base, is ready to embrace it with full force. While there’s still some way to go before all of our favourite luxury brands jump on board, the ball is certainly rolling – the question on everyone’s lips is, what will be next?