Bitcoin’s price has exploded in the past year, reaching over $19,000 in December 2017. This meteoric rise in value has increased interest in Bitcoin and other cryptocurrencies and a renewed interest in luxury goods like the Michael Kors watch. Check out the ethereum mining guidelines if you want to start trading in cryptocurrencies.
Bitcoin’s rise has been a boon for the Michael Kors brand, as more people are interested in buying high-end watches with Bitcoin.
Since then, the brand has continued to accept Bitcoin as payment and even launched a unique line of Bitcoin-themed watches in 2017. These watches are a big hit with Bitcoin enthusiasts and help legitimize the cryptocurrency further.
With Bitcoin’s price continuing to rise, the Michael Kors brand will likely continue to benefit. As more people invest in Bitcoin, they’ll want to show off their wealth with luxury items like Michael Kors watches.
It could lead to even more sales for the brand and help to solidify Bitcoin’s place in the mainstream.
How Bitcoin is benefiting the Michael Kors market
In a high-end fashion, Bitcoin is often seen as an outsider. But that’s changing, and fast. Michael Kors is among notable fashion brands that have begun to acknowledge Bitcoin as payment in current history.
Bitcoin’s popularity among luxury brands is hardly surprising. It’s fast, convenient, and secure, allowing customers to remain anonymous if they choose.
What’s more, Bitcoin is also benefiting the Michael Kors brand itself. Michael Kors can reach this innovative group of potential customers who want to make cryptocurrency purchases by accepting Bitcoin.
So far, the response from Michael Kors customers has been overwhelmingly positive. The brand has reported a significant increase in sales since it started accepting Bitcoin, and this trend will likely continue in the future.
As more and more fashion brands start to accept Bitcoin, it’s clear that cryptocurrency is here to stay.
Why Michael Kors Is the Latest Fashion Brand to Feel the Bitcoin Bug
As the world of fashion increasingly looks to technology for inspiration, it was only a matter of time before one of the industry’s biggest brands got involved in cryptocurrency.
This week, high-end designer Michael Kors revealed that it is partnering with blockchain startup Lympo to launch a digital wallet that will allow users to earn rewards for completing fitness goals.
Michael Kors is just the latest fashion brand to get involved in cryptocurrency. As the industry looks to technology for inspiration, it was only a matter of time before one of the world’s biggest brands got involved in digital currency.
How is Bitcoin Dishing Out Losses to High-End Retailers Like Michael Kors?
When it comes to high-end retailers, Bitcoin is not always good news. The digital currency has been known to cause some severe losses for these businesses.
The luxury fashion brand announced that it would no longer accept Bitcoin as payment after the currency’s value plunged by nearly 50% in a few days.
This sudden drop in value caused Michael Kors to lose out on a significant amount of money, and, as a result, the company is no longer allowing customers to use Bitcoin to make purchases.
Not just Michael Kors has been affected by Bitcoin’s volatility. Other high-end retailers like Tiffany & Co. and Saks Fifth Avenue have stopped accepting the currency.
So, why are Bitcoin’s swings causing such problems for these businesses?
When a customer uses Bitcoin to make a purchase, the retailer immediately converts the Bitcoin into cash. If the value of Bitcoin drops, the retailer is left with less money than they would have if they had just accepted cash.
It can be a significant problem for businesses, significantly when the value of Bitcoin fluctuates as much as it has been recently.
For example, Steam, the digital video game platform owned by Valve, recently stopped accepting Bitcoin because of the currency’s “high fees and volatility.”
As Bitcoin’s value fluctuates, we’ll likely see even more businesses start to reject the currency.
The rise of Bitcoin has positively affected the Michael Kors brand. It has made it attractive to investors and consumers alike. As a result, the company has benefited from increased exposure and has seen strong sales growth. Bitcoin is still relatively new, but the Michael Kors brand has significantly benefited from its rise.
Aayush Kumar Gupta is the founder and creator of ExploringBits, a website dedicated to providing useful content for people passionate about Engineering and Technology. Aayush has completed his Bachelor of Technology (Computer Science & Engineering) from 2018-2022. From July 2022, Aayush has been working as a full-time Devops Engineer.