Hold on to your dogecoin! Crypto is hitting the wine mainstream. Acker, Merrall & Condit, aka the US’ oldest wine retailer, announced that crypto will now be accepted as payment at both auctions and their iconic NYC store.
“As the world becomes more and more digital, which was certainly accelerated by the pandemic, cryptocurrency will become more and more important in everyday lives,” John Kapon, Acker’s chairman, told PaymentSource.com. “The best wines are all moving towards $1,000 a bottle and many are already much more, so there is a natural potential to be a highly successful match.”
Acker will use BitPay portals to accept payments. That means even if you’re in a store, you’ll log in to a console and execute the transaction. Crypto currencies including Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, PAX, Gemini Dollar and BUSD will be accepted.
If you this that the announcement sounds like an attempt to ride the recent surge in crypto’s popularity, you’re right. The wine seller was upfront about their motivation to harness the industry and push wine as liquid—literally—investment.
“Acker received a fair amount of interest from existing and potential clients looking for ways to spend their cryptocurrency,” Kapon said. “It felt like the right time to take this next step deeper into the virtual space given the past year’s changes.”