Skift Take
The bitcoin bubble may have burst — at least temporarily — but there are still plenty of people sitting on sizable gains. The risk for any company accepting payment in cryptocurrencies is their volatility, which tells you that it is probably more about public relations than profits at this stage.
Luxury Travel News
The Skift New Luxury column is our weekly column focused on the business of selling luxury travel, the people and companies creating and selling experiences, emerging trends, and the changing consumer habits around the sector.
Some people have become very rich off the back of the bitcoin boom. The problem for these crypto-affluents is that most retailers don’t accept these new forms of digital currency.
Enter a small handful of companies who have either decided to take the risk and accept payment in bitcoins directly or who act as intermediaries.
The end result is the same: People can now buy expensive stuff using bitcoin. Contributor Samantha Shankman took a look at what these companies have to offer and whether they are a sign of things to come in the luxury market.
Whether you think what they’re doing is good or not depends on your view of bitcoin and other cryptocurrencies. It’s either a smart move to get out in front of a new trend or foolish to take part in something that looks as though it could rival tulip mania or the dotcom boom for its bubble-like qualities.
If you have any feedback about the newsletter or tips, feel free to reach out via email at [email protected] or tweet me at @paddywhyte.
— Patrick Whyte, Europe Editor
5 Looks at Luxury
Is the Crypto-Luxury Market Worth The Risk? Bitcoin’s growth has made a lot of people very wealthy and more companies are looking at tapping into what could be a lucrative market. The problem, though, is the unpredictable nature of cryptocurrency markets means accepting these virtual currencies comes with considerable risk.
The Future of Luxury Sits at the Intersection of Travel and Fashion: There are countless lessons to consider when examining how luxury fashion, auto, and hospitality are already perfectly integrated inside the world’s fashion capital.
InterContinental Hotels Is Closing In on a Luxury Acquisition: Asset light, something with history and heritage, fewer than 200 hotels … IHG CEO Keith Barr has quite a specific wish list. It doesn’t sound like we’ll have to wait too long until we find out the identity of the luxury hotel brand in question.
Ritz-Carlton Is Trying to Bring a Yacht Experience to Cruising: Ritz-Carlton isn’t the first cruise line that’s drawn inspiration from yachts — Carnival Corporation’s luxury Seabourn used to be called the Yachts of Seabourn, after all. But the Ritz-Carlton Yacht Collection will have the fresh benefit of loyal hotel guests and a well-known brand as it launches the line.
Hotel Minibar Gets an Upgrade Worthy of Wine Connoisseurs: When tech and food converge like this in hospitality, what’s not to love? In this case, we’ll gladly ask for another glass or two.
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Skift Europe Editor Patrick Whyte [[email protected]] curates the New Luxury newsletter. Skift emails the newsletter every Tuesday.
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Photo credit: An image from the 2013 Monaco Formula 1 Grand Prix. Cryptocurrency specialist The White Company is selling a package to the 2018 event. Andy Hone / LAT Photographic via Flickr