The New York wine seller Acker, Merrall & Condit, or simply known as Acker, announced it now accepts digital currencies as a form of payment at its auctions and retail store. The company supports some of the most popular cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and Dogecoin.
Acker Catches the Crypto Wave
After the massive impact that the COVID-19 pandemic caused on global economies, many organizations turned their heads to the potential of digital currencies. Acker, one of the oldest wine sellers in the USA, is no exception. The Chairman of the corporation, John Kapon, recently explained Acker’s connection with crypto:
”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.”
Kapon also mentioned that the prices of some of the best wines, which the company offers, are around $1,000. This is why he predicted a ”highly successful match” with the option for payment with digital assets.
Acker revealed it will use the bitcoin payment processor BitPay. The wine seller has added to its Acker Markets platform Bitcoin alongside Ethereum, Bitcoin Cash, and Dogecoin.
The Right Time to Take This Next Step
Acker is the world’s largest rare and fine wine auction house, established in 1820. Following the pandemic, the New York-based company is in the same boat as other retailers, with most of its physical shops closed.
The organization has relied on its online auction business, which has an international following, to compensate for the consequences of COVID-19.
Considering the influence that cryptocurrencies now have around the world and especially Bitcoin, the company’s move comes at the right moment, according to Chairman Kapon:
”Acker received a fair amount of interest from existing and potential clients looking for ways to spend their cryptocurrency. It felt like the right time to take this next step deeper into the virtual space given the past year’s changes.”
Despite the pandemic, Brexit, and the trade war between the US and China during Trump’s presidency, higher-priced wines increased in value in the past year.
John Kapon added that many of their clients are wealthy and influential people, and thus they may decide to distribute large sums of cryptocurrency to enjoy or invest in fine wines.