European luxury fashion house Balenciaga will accept payment in cryptocurrencies — namely,Bitcoin andEthereum — illustrating how adoption of cryptocurrencies is accelerating worldwide, particularly in the fashion industry.
The company is expected to open up payment options in other cryptocurrencies later this year. It joins fellow fashion brand Gucci in embracing digital currencies as a payment method at select stores. Gucci has opened up payments in Litecoin, Dogecoin, Shiba Inu, andBitcoin Cash Nike, Dolce Gabbana and Burberry, as well as other non-fungible token collections to customers who are looking for an immersive metaverse experience.
The emerging digital fashion industry is projected to reach $2 trillion Decrypt reports.
It is a long way from mainstream use of the digital currency, since only two countries accept Bitcoin as legal tender: El Salvador and the Central African Republic.
There is a growing recognition of the important role digital currencies will play in the economy of the future. Starbucks, Microsoft, and AT&T have introduced a variety of payment methods to appeal to savvy customers.
In April, U.S. citizens were given the ability to pay for everyday bills in cryptocurrencies, including mortgages, bills, and even their taxes. This follows the decision of Venezuelans to pay for Pizza Hut with Bitcoins, and other brands like Gap, GameStop, and JCPenney letting customers use cryptocurrencies to buy goods.