It appears that luxury goods purchased with cryptocurrency have not suffered from the current bear market if the 2018 receipts of firms such as The White Company are anything to go by.
Elizabeth White’s company, which caters very much for those that have, and indeed want to spend large sums of cryptocurrency on luxury items, returned USD 250 million in transactions last year, according to latest figures released in January.
However, the proprietor claims you don’t need to be rich to sign up. “Luxury is not just for the wealthy, and our customers from a variety of ages, incomes, occupations,” said White in a recent Forbes interview, although the company is clearly aimed at Bitcoin millionaires. She admits that many of her clients need help in purchasing luxury goods such as “Ferraris, Lamborghinis, rare art and jewelry” to clients all over the world paying in crypto.
The White Company’s concierge service may be increasingly becoming a niche market but judging by last years figures, there are still plenty of potential clients out looking to spend cryptocurrency. And now that exchanges have more exacting regulations on large cash withdrawals, White’s site is often a go-to alternative when it comes to buying goods requiring fiat payment. She sees the bear market as no hurdle to progress in the industry:
“The speculative bubble in cryptocurrency is over, which is a good thing, as it allows the community to focus for more serious, long term projects, such as the solutions that [the] White Company is building.”
Another market which has profited from the current status quo is the lending sector with companies such as Celsius, SALT Lending and ETHLend recording higher profits than in previous bull periods.
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