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In the years after the pandemic, the fashion industry fell into a frenzy of investment into new technologies, including NFTs, cryptocurrencies and the metaverse. While some of those — NFTs, namely — ended up being a flash in the pan, cryptocurrency and its adoption among fashion brands has remained a small but present part of the industry. Brands including Balenciaga, Tag Heuer and Nike currently accept cryptocurrency as a form of payment.
But President-elect Donald Trump has promised to be “the most pro-crypto president” to date and to create a Bitcoin stockpile for the U.S. Powerful crypto lobbies like the Stand With Crypto Alliance funneled hundreds of millions of dollars into American politics this year, leading to victories for both Trump and a slew of pro-crypto politicians across the country. With the crypto-friendly Republican Party expected to take control of the House, the Senate and the presidency, crypto companies are ascendant and the chance of further regulation of the volatile young sector seems unlikely.
What will this mean for fashion? Some fashion brands, especially ones that are “crypto-native” like the blockchain brand 9dcc, are predicting a rise in the adoption of cryptocurrency among consumers. In the last week alone, the French department store Printemps announced that it would begin accepting cryptocurrency as payment in 20 of its branches. Fashion brands including Gucci, Hublot, Pacsun and Farfetch all began accepting crypto payments in the last two years and still do to this day.
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