Silicon Valley Jewelers Accept CryptocurrencySeptember 10, 2018
The 38-year-old premiere timepiece and jewelry house in America, is exploring cryptocurrency and similar disruptive payment technologies for good.
Stephen silver fine jewelry, like several luxury brands are willing to transact in cryptocurrency. This is indeed an appealing news to customers who are eager and willing to convert their volatile cryptocurrency into tangible real time goods that can be used for generations to come.
Stephen Silver, the CEO stated that, “the value of crypto paid to the company far exceeds the volume of dollars processed by credit card. Large sums of money are where we are finding cryptocurrency to be a huge advantage.” He also established that customers willing to pay with cryptocurrency are big spenders.
Nearly 20 percent of the transactions of the company are currently being paid via cryptocurrency. Of note, the average sale of the company is $1 million.
The company has been accepting cryptocurrency payments ever since 2014.
Jared Silver, the president, of this family owned business, has to say that the numbers of payments made with crypto ultimately picked up in the year 2017. This was when the price of Bitcoin “took off like a rocket ship.”
Jared Implied, when businesses accept cryptocurrency, they are able to identify with it. The majority of the customers to the company fall within the demographic range of 29 through 45 years old. And, most of them are spending on flashy watches when compared to jewelry.
The vibe of paying with cryptocurrency has evolved to be similar to the Bay Area, San Francisco region. “It’s not the stuffy Madison Avenue jewelry house.” per Jared.
Wire transfers a very painful for young and successful entrepreneurs who are trying to buy themselves MB&F watches. These watches cost more than $100,000 in wire transfer. It takes nearly 3 days for the transaction to complete. Therefore, increasing numbers of entrepreneurs are willing to pay with cryptocurrency.
A $10,000 Bitcoin bill is transferred in less than 20 minutes. The business should be paying 1% fee to BitPay for the currency conversion. Therefore, 5% of every crypto transaction is retained as an asset by the business as an asset.
Jared Silver is of opinion that there is an increasing awareness about cryptocurrency and blockchain technology, despite this, businesses and customers are still confused about the technology and the strategy of using cryptocurrency for payment.
Jared Silver, is a strategy consultant who advises fortune 500 companies on facilitating innovation by accepting new technologies.
Patrick Byrne, Overstock CEO stated that, “Adoption among the technorati is fairly pervasive, but it needs to make its way into the lives of the masses in the developed and developing worlds,”
Big ticket transactions made by the Crypto wealthy are being offered by the White Company, which was formed by Elizabeth White who is the former LVMH and Formula One executive. The cost of an engagement ring on her side is offered for 40.65 BTC which is nearly $300,000. An average Hublot watch is being sold at hundred and 15.04 BTC which is nearly $800,000. Crypto transactions are becoming increasingly ideal for big ticket transactions.