A French wine trading firm was favored by the recent Crypto Bull Run, especially because Bitcoin prices have risen across the board. Despite the pandemic, Lasserre & Papillon is making good numbers after launching BTC Wine.
BTC Wine was launched during the 2017 Crypto Prices’ Rally
The luxury online wine retailer is seeing a surge in demand these days, according to an article in Drinks International magazine. However, the profitable journey began with the bullish wave in 2017, when Bitcoin rose from $ 900 to $ 19,783.21.
In the same year, Lasserre & Papillon brought the Bordeaux-based online retailer to the public. Despite the subsequent price reversal, the company was confident that BTC Wine would maintain its profitability well into the future, as it believed that Bitcoin could resume its uptrend.
Their optimistic views became a reality. Bitcoin exchanged hands over the $ 40,000 handle during Saturday morning trading sessions, according to Markets.Bitcoin.com.
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 with the bull run of crypto
Louis de Bonnecaze, Head of Sales at BTC Wine, commented on how the recent skyrocketing bitcoin prices have boosted their sales:
It’s going very well because of the bull run. We have a new kind of customer. You have a lot of Bitcoin and you want to spend it. Fine wine is a status symbol. They bought the cars and the real estate and then they go straight to the good wine, so it’s a good market for us.
Bonnecaze pointed out that the wine market is not having an easy time due to the coronavirus pandemic. However, other factors such as Brexit and US trade taxes are hurting the industry. Still, BTC Wine sales director believes how helpful cryptocurrencies can be in difficult times:
Cryptocurrency payments have been a way for us to do business during this very difficult time. The cryptosphere is a fascinating subject. For us, it is above all an opportunity to open up our business with fine wines to new, tech-savvy customers.
What do you think of this crypto success story with the French wine merchant? Let us know in the comments below.
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