High-End Jeweler Capitalizes on Silicon Valley's Wealthiest Buying With CryptosJune 19, 2018
This jeweler is making money hand-over-fist thanks to allowing shoppers in the wealthy community where he is located to pay with cryptos.
While many crypto investors are HODLers, refusing to buy anything with their spoils, some are willing to plop down their tokens for goods and services.
A California jeweler recognized this, and is now accepting cryptos. It’s thought to be the first jewelry store in the world to accept cryptocurrencies.
Location, location, location
The name of the jewelry store is Stephen Silver, and it is known for its hand-crafted jewelry pieces and rare timepieces.
It is located in the Menlo Park area of San Francisco. This area is also home to Silicon Valley, which is chock-full of wealthy, technical savvy individuals who have no problem spending their cryptos on luxury items.
In fact, the jewelry store’s president, Jared Silver, noted his store was in the perfect spot to reap the benefits from people paying with cryptos.
“Being that we’re here in Silicon Valley really in the cradle of innovation it provides us an opportunity to see how these technologies mature and what we’ve found was that we have a lot of customers who are reputable investors, entrepreneurs and they wanted to pay in cryptocurrencies.”
What’s the attraction?
As has been the case with other merchants who’ve started accepting cryptos as payments, the reason this jeweler decided to do so was to avoid the high fees of processing credit card transactions and wire transfers.
Silver reportedly said that 20% of his sales are paid by shoppers using cryptos, with the main crypto used being Bitcoin.
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