How Bitcoin is making waves in the luxury market

Clive Martin, CNN
5 minute read
Updated 12:51 AM EDT, Mon August 28, 2017
This piece is available to buy in Bitcoin at Dadiani Gallery in London. It's a sculpture made out of a used Formula 1 car engine.
This piece is available to buy in Bitcoin at Dadiani Gallery in London. It's a sculpture made out of a used Formula 1 car engine.
Image: Courtesy Dadiani Fine Art
In traditional sterling, the piece by artist Mike O'Connor would be expected to fetch between £25,000 and £30,000 (between $32,000 and $38,000).
In traditional sterling, the piece by artist Mike O'Connor would be expected to fetch between £25,000 and £30,000 (between $32,000 and $38,000).
Image: Courtesy Dadiani Fine Art
Bitcoin and other cryptocurrencies are now accepted by businesses of all kinds -- and while some, like this bar in Berlin, are no doubt trading off the novelty factor, many see it as the future of their industry.
Bitcoin and other cryptocurrencies are now accepted by businesses of all kinds -- and while some, like this bar in Berlin, are no doubt trading off the novelty factor, many see it as the future of their industry.
Sean Gallup/Getty Images Europe/Getty Images
Bitcoin is primarily a digital currency, but in 2013, Mike Caldwell of Salt Lake City, Utah took it upon himself to physicalize the currency by minting the first Bitcoin coin.
Bitcoin is primarily a digital currency, but in 2013, Mike Caldwell of Salt Lake City, Utah took it upon himself to physicalize the currency by minting the first Bitcoin coin.
George Frey/Getty Images North America/Getty Images
The first ever Bitcoin ATM was installed at Vancouver's Waves Coffee House in 2013. "I wanted to try out this new machine that hopefully will change the world," said owner Curtis Machek.
The first ever Bitcoin ATM was installed at Vancouver's Waves Coffee House in 2013. "I wanted to try out this new machine that hopefully will change the world," said owner Curtis Machek.
David Ryder/Getty Images North America/Getty Images
Since the the first one was introduced in Vancouver, Bitcoin ATMs have sprung up across the planet, including this one in Tel Aviv, Israel.
Since the the first one was introduced in Vancouver, Bitcoin ATMs have sprung up across the planet, including this one in Tel Aviv, Israel.
JACK GUEZ/AFP/AFP/Getty Images
Most Bitcoin ATMs -- like this one in Paris -- allow customers to either convert their standard tender into Bitcoin, or withdraw Bitcoin as cash.
Most Bitcoin ATMs -- like this one in Paris -- allow customers to either convert their standard tender into Bitcoin, or withdraw Bitcoin as cash.
STEPHANE DE SAKUTIN/AFP/AFP/Getty Images
A painting of rapper Notorious BIG is available on online gallery site Bitpremier.com for 2.946 Bitcoin (or about $10,000, for the more traditional buyer).
A painting of rapper Notorious BIG is available on online gallery site Bitpremier.com for 2.946 Bitcoin (or about $10,000, for the more traditional buyer).
Image: Courtesy Bitpremier.com
In 2014, the Golden Gate Hotel & Casino and The D Las Vegas started to accept Bitcoin everywhere except on the gambling floors, where hard currency still dominates.
In 2014, the Golden Gate Hotel & Casino and The D Las Vegas started to accept Bitcoin everywhere except on the gambling floors, where hard currency still dominates.
Ethan Miller/Getty Images North America/Getty Images
Hong Kong boasts the world's first Bitcoin retail store, selling Bitcoin for customers looking to turn their money into more dynamic assets.
Hong Kong boasts the world's first Bitcoin retail store, selling Bitcoin for customers looking to turn their money into more dynamic assets.
Lam Yik Fei/Getty Images AsiaPac/Getty Images
The Dutch city of The Hague is a hub of Bitcoin use. Ten restaurants on one street accept the controversial cryptocurrency. The area is colloquially known as "Bitcoin boulevard."
The Dutch city of The Hague is a hub of Bitcoin use. Ten restaurants on one street accept the controversial cryptocurrency. The area is colloquially known as "Bitcoin boulevard."
VALERIE KUYPERS/AFP/AFP/Getty Images
In Spain, even shopping centers are installing Bitcoin ATMs, like this machine by Spanish company Bitchain.
In Spain, even shopping centers are installing Bitcoin ATMs, like this machine by Spanish company Bitchain.
JOSEP LAGO/AFP/AFP/Getty Images
Back in Vegas, The D Casino shows off its Bitcoin ATM. Customers can use it to exchange Bitcoin for cash to bet on the tables, or to turn their winnings into Bitcoin.
Back in Vegas, The D Casino shows off its Bitcoin ATM. Customers can use it to exchange Bitcoin for cash to bet on the tables, or to turn their winnings into Bitcoin.
Ethan Miller/Getty Images North America/Getty Images
Tokyo has long been a major leader in technological innovation, and they, too, are getting involved with the cryptocurrency revolution.
Tokyo has long been a major leader in technological innovation, and they, too, are getting involved with the cryptocurrency revolution.
TORU YAMANAKA/AFP/AFP/Getty Images
A watch by luxury label IWC is available for purchase at Ƀ6.766, which is converted on the website to $29,000 USD
A watch by luxury label IWC is available for purchase at Ƀ6.766, which is converted on the website to $29,000 USD
via Bitpremier.com
What can Bitcoin get you?
CNN  — 

When Bitcoin and a subsequent raft of cryptocurrencies first landed in the early part of