Bitcoin used for Buying Millions worth Jewelry in the Silicon Valley
Recently its been noticed that some people in the Silicon Valley are using bitcoin to buy millions worth of expensive timepieces, diamonds, and other luxury items. 2018 turned out to as one of the unpleasant years for the crypto investors but still, a lot of wealth is in the hands of long-term holders.
Stephen Silver Fine Jewelry, a Silicon Valley-based ultra-high-end watches and jewelry boutique which implemented cryptocurrency payments back in 2014, reported that crypto transactions have risen to 20% of sales last year, helping the company close expensive sales.
BTC, BCH, and XMR are accepted by the company, but only from authorized and approved Bitpay wallets. It started doing so as it is an easier and more secure alternative to wire transfers, providing much faster transfer times than the old legacy systems.
CEO Stephen Silver said,
“Cryptocurrency has surpassed the volume of retail credit-card purchases in the company in a very short time period, We’ve created revenue that the company would not even enjoy without being able to accept cryptocurrency…. Large sums of money are where we are finding cryptocurrency to be a huge advantage.”
In a report published in Rapaport News, President Jared Silver said,
“The company has been monitoring the development of cryptocurrency for years, Given that Stephen Silver Fine Jewelry is based in Silicon Valley, the cradle of innovation, In 2014, we felt it had matured to the point that we could bring the technology into our store.”
From this, we can conclude that now jeweler are accepting cryptocurrencies as an indispensable payment option. The average crypto deal is close to seven figures, and the company can offer no limit on the amount it will accept per sale, since bitcoin transactions are irreversible, unlike credit cards. The president also revealed that the company recently received a million-dollar cryptocurrency payment.
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