How Bitcoin Price Surge Benefits Sales Of Luxury Goods

Every industry has been affected by the hard-hitting coronavirus. But the cryptocurrency, bitcoin has somehow experienced growth this year and the investors who found himself rich because of the latest bull run have been spending their proceeds from crypto trading on luxury items.

One such example of this is how a broker, Denison Yachting purchased a 52-foot long Lagoon catamaran in Fort Lauderdale, Florida.

The catamaran can accommodate up to 6 guests in its 3 cabins which is completely furnished with heads and walk-in showers. It was listed for a price of USD 839,000 and built by French boat-builder Groupe Beneteau and was purchased using a mix of crypto and fiat.

This is the latest deal of Denison Yachting and marked the fifth crypto-powered yacht sale. The broker commented that this became one of the first large-scale yacht company to accept BTC for luxury charter bookings and boat sales back in 2014. Crypto assets have been used as a multi-million dollar yacht sales over the year.

Now two years later, Denison Yachting is set to launch its first yacht sale in crypto. In June 2018, the company’s first charter was booked using BTC as payment. Moreover, the firm has 8 Bitcoin miners in its headquarters in Fort Lauderdale.

Boston Consulting Group forecasted that approx USD 380bn luxury goods market could shrink by between 25% and 45% this year as a result of the global downturn.

But, with crypto on the rise of late, a new wave of buyers could seek to inject their wealth into the sector.