A French wine trading firm has been favored by the recent crypto bull run, particularly with the soaring bitcoin prices across the board. Despite the pandemic, Lasserre & Papillon is making good marks after its foundation BTC Wine.
BTC Wine was launched at the 2017 Crypto Prices’ Rally
Per item published Through the magazine Drinks International, the luxury online wine store is seeing a surge in demand these days. But the profitable journey first began with 2017’s soaring wave that took bitcoin from $ 900 to $ 19,783.21.
That same year, Lasserre & Papillon launched the Bordeaux-based online retailer to the public. Despite the subsequent price reversal, the company was confident BTC Wine would maintain its profitability going forward as they thought bitcoin could resume its bullish steam.
Their optimistic views became reality. According to markets, Bitcoin.com even traded hands above the $ 40k handle during Saturday morning’s trading sessions.
The online retailer sells premium wines worldwide and customers pay with BTC, ether (ETH), or bitcoin cash (BCH). Among the products, the 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 breed of customers thanks to the Crypto’s Bull-Run
Louis de Bonnecaze, BTC Wine’s sales director noted how the recent skyrocketing prices in bitcoin have boosted their sales:
Things are 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. Good wine is a status symbol. They bought the cars and the property and go straight to the good wine so it’s a good market for us.
Bonnecaze pointed out that the wine market is not making it easy due to the coronavirus pandemic. However, there are other factors hurting the industry, such as Brexit and US trade taxes. Still, BTC Wine’s sales director believes in how useful cryptocurrencies can be in troubled times:
For us, cryptocurrency payments are a way of doing business in this very difficult period. The crypto sphere is a fascinating topic. For us it is mainly a way to open up our fine wine business to new technology-rich customers.
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