Amphora Portfolio Management have announced they will be accepting the digital currency in 2014
Target. Virgin. China Telecom. WordPress. All enormous companies that now accept Bitcoins as payment for their products and services. With over $6 billion worth of the crypto currency now in circulation and governments around the world acknowledging its validity, Amphora Portfolio Management (APM) is proud to become the first wine investment firm in the UK to accept payment in Bitcoins for its Wine Portfolio Management business.
APM is at the forefront of technical analysis and innovation in this sector and the acceptance of Bitcoins is just another example of their progressive approach and willingness to innovate.
The benefits to Bitcoin investors are simple to understand. Wine is a tangible asset, with a long history as an alternative investment, and returns over the medium to long term that put many of the more 'mainstream' asset classes in the shade. It is a very tradable commodity, and has global appeal, with China (in particular) and other emerging Asian economies providing new markets for a product that already has a long established market in Europe and North America. By buying wine with Bitcoins, customers are avoiding the fluctuations of the Bitcoin market with the more stable advantage of owning a tangible commodity.
Wine, traditionally, has a low correlation to the performance of other asset classes, and as a tradable commodity you have the flexibility to exit as and when you require. James Fletcher, Director and General Manager at APM said:
"I'm thrilled that APM has pioneered the methodology to enable Bitcoiners to invest in wine; the wine trade has something of a stuffy reputation, so as a technology enthusiast, it's personally very satisfying to be trailblazing in this fashion. Evidently Bitcoins are becoming increasingly embraced by academics and politicians worldwide as a legitimate financial instrument, but given that the market is embryonic and that exchange rates therefore fluctuate wildly, it seems wholly sensible to me that Bitcoin miners and traders have access to facilities whereby they can prudently invest their rewards into complementary, tangible investments that can ultimately be redeemed in more mainstream currencies."