Friday, February 3, 2023

Bitcoin Is Altering the Wedding Industry as We Know It

Bitcoin Is Altering the Wedding Industry as We Know It

Bitcoin is inadvertently changing the wedding industry as we know it. From couples funding ceremonies with digital currency to luxury resorts accepting crypto-payments, bitcoin is sticking its nose into the world of white gowns and nuptials, and couples are noticing all the things it can do.

Also read: Is the Bitcoin Transaction Backlog Causing a Run to Litecoin?

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Starting Out Small

Ben Eisen, for example, is a man that walked down the aisle in 2015. After saying his nuptials aloud in front of his guests, one of them gave him what he thought was a relatively “unorthodox” wedding present… one bitcoin.

After holding onto it for over a year, Eisen sold part of it, and when prices started to surge a bit more at the end of 2016, he sold the rest. Now, one bitcoin is worth over $15,000 USD, and Eisen is likely kicking himself for not waiting longer.

“It’s bigger than General Electric,” he says of bitcoin. “It’s really gigantic, and there’s other cryptocurrencies as well that bring the value up – something like over $300 billion in market cap.”

Thinking Bigger

A man living in Auckland, New Zealand who runs a lucrative bitcoin mining business mentioned he’s using his profits from just the last three months to fund his $30,000 wedding, his honeymoon, and an additional vacation to Fiji.

So far, he has no regrets about what he does, despite the volatility of the business.

“I’ve woken up some mornings and I’ve lost $2,000 overnight due to the price fluctuations,” the man mentioned (he refused to reveal his identity). “[But] the good mornings outweigh the bad, and unless you’re in a hurry, there’s nothing wrong with sitting on it for six months or 12 months.”

Wedding Funded Entirely by Bitcoin

Indiana bride-to-be Sierra Linarducci is thanking her father for being such an intelligent and handy investor. Last summer, her dad purchased $10,000 worth of bitcoin when it was only $4,000.

Today, he’s using the money he’s made to fund the entire wedding, and he can rest easy knowing he won’t get stuck footing the bills over the next six months.

“It’s so exciting,” said Linarducci’s mother Jennifer. “Without bitcoin, we would have been a little more nervous and think, ‘Oh my gosh, how are we going to do this?’ But with bitcoin, we’re like, ‘We can do this! We can handle this!’”

Forget the Kitchenware and the Blenders… We Want Bitcoin!

In Bengaluru, India, entrepreneurial couple Niti Shree and Prashant Sharma is asking for bitcoin in lieu of traditional wedding gifts. The twist? They plan to use the currency to fund educational programs for underprivileged children.

“Help us define a new standard for wedding gifting,” they explained to their friends. “We believe gifting hasn’t been disrupted, and if you are thinking about conveying your best wishes through gifts, why not ride the new-age tech wave?” The couple plans to wed on December 9th.

Luxury Weddings – Bitcoin Style

Finally, cryptocurrency investor Richard Shell owns two separate wedding venues: Charlton Hall and Doxford Barns. He’s embracing cryptocurrency’s seemingly endless growth by allowing soon-to-be married couples to pay for their wedding events with digital currency.

“My enterprising personality naturally makes me want to bring something new and different to the table,” he said.

As one source mentioned, the global wedding industry accounts for over $300 billion (that’s “billion” with a “b”) spent annually, with over $50 billion spent in the U.S. alone. Additionally, weddings include roughly half-a-million businesses, and employ over 700,000 people each year.

With so much money being spent, this is clearly an arena where bitcoin has lots of room to grow, and where those exchanging their vows can grow from it.

What industries do you see being affected by bitcoin in the future? Post your comments below.

Images via, The Ritz-Carlton

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