It was recently announced that fashion brand Gucci (OTCMKTS:PPRUY) will begin to accept Dogecoin (DOGE-USD) as a method of payment at its retail outlets. In total, Gucci will be accepting 10 cryptocurrencies as payment in its retail outlets.
The rollout of the payment acceptance will begin later this month. However, the initial rollout will begin in areas with a higher-priced retail presence including New York, Los Angeles, Miami, Atlanta, and Las Vegas.
The list of other cryptocurrencies which will also be accepted by Gucci includes Dogecoin rival Shiba Inu (SHIB-USD) as well as five stablecoins that are pegged to the U.S. dollar.
All crypto payments done at Gucci retail outlets will be made using a QR code or NFC Reader which will be available as a point of sale terminal. Payments can be transacted in the cryptocurrency of choice or converted to fiat currency if so chosen.
The news didn’t cause Dogecoin’s price to move substantially. However, this is ultimately a good move for the meme coin which was initially conceived as a joke by its creators.
There’s been a lot of speculation that Dogecoin will ultimately lose all of its value and run to zero. I’ve certainly been on that side of the fence many times while analyzing Dogecoin and its prospects.
My main problem with Dogecoin has always been its lack of utility. When I say lack of utility, I refer to the fact that you simply can’t use it as you would fiat currency. So, my contention was that Dogecoin would be fated to become worthless if it didn’t create real-world use cases.
So, although the news didn’t move those coins’ prices in any tangible way, I think this is good news. Dogecoin is now more useful than it was prior. No, it isn’t nearly as useful as the U.S. dollar. But let’s give it kudos for addressing one of the major problems that it has.
It should also be noted that this could be a great tipping point for Dogecoin. If Dogecoin is accepted at other retail fashion outlets that could provide great use cases across the entire fashion industry.
If that use case proves to be successful, then Dogecoin could quickly see acceptance across other major industries.
On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.