A French wine trading firm has been favored by the recent crypto bull-run, specifically with the bitcoin prices surging across the board. Despite the pandemic, Lasserre & Papillon is making good numbers after founding BTC Wine.
BTC Wine Was Launched During the 2017 Crypto Prices’ Rally
Per an article published by Drinks International magazine, the luxury online wine retailer is witnessing a surge in demand nowadays. But the profitable journey first started with the bullish wave seen in 2017 that took bitcoin from $900 to $19,783.21.
In that same year, Lasserre & Papillon launched the Bordeaux-based online retailer to the public. Despite the subsequent price reversal, the firm was confident that BTC Wine would keep its profitability in the future, as they believed bitcoin could resume its bullish steam.
Their optimistic views became a reality. In fact, according to markets.Bitcoin.com, bitcoin exchanged hands above the $40k handle during Saturday morning’s trading sessions.
The online retailer sells premium wines globally, and customers pay with BTC, ether (ETH), or bitcoin cash (BCH). Among the products, Bordeaux-based retailer offers well-known wines such as Cheval Blanc 2015, Canon La Ga elière 2009, Sassicaia 2014, Louis Roederer Cristal 2009, Latour 2005, and Pavie 2006.
Attracting a New Kind of Customers Because of the Crypto’s Bull-Run
Louis de Bonnecaze, BTC Wine’s sales director, commented on how the recent’s skyrocketing prices in bitcoin have been boosting their sales:
It’s going very well because of the bull run. We have a new kind of customer. They have a lot of bitcoin, and they want to spend it. Fine wine is a status symbol. They have bought the cars and the real estate, and then they go directly to the fine wine, so it’s a good market for us.
Bonnecaze pointed out that the wine market is not living easy times, due to the coronavirus pandemic. However, other factors are hurting the industry, such as Brexit and U.S. trade taxes. Still, BTC Wine’s sales director believes in how helpful cryptocurrencies could be during tough times:
For us, cryptocurrency payments have been a way to make some business in this very difficult period. The crypto sphere is a fascinating topic. For us, it is above all a way to open our fine wine business to new tech wealthy customers.