Camping World Now Ready To Accept Cryptocurrency As Payment Option

Camping World Holdings Inc CWH shares are higher Monday after the recreational vehicle manufacturer said it will start accepting cryptocurrencies as a payment option.

What Happened: Camping World, through cryptocurrency payment service provider BitPay, will begin accepting Bitcoin BTC/USD, Ethereum ETH/USD and select other cryptocurrencies, through a variety of digital wallets, the company said in a statement.

According to the company, the partnership will allow it to maximize convenience for the customer and attract new consumers without holding the currency on its balance sheet.

The company said it plans to initially launch the new payment option at locations in Kenosha, Wisconsin, and Chicago, then expand to all locations that sell RVs and to its e-commerce platforms this summer.

"Accepting cryptocurrency is simply another part of our vision to make RVing easy in an increasingly digital world," said Marcus Lemonis, CEO and chairman of Camping World.

Separately, Camping World announced the acquisition of the campground booking engine, Nomad Reservations.

Related Link: How to Buy Bitcoin (BTC)

Why It's Important: Cryptocurrencies are gaining mainstream acceptance, with high-profile companies such as Tesla Inc TSLA and PayPal Holdings Inc PYPL warming to them and central banks considering the development of their own digital currencies.

Unlike Tesla, which is also holding Bitcoin as a treasury reserve, Camping World will use it for transactional purposes and not for investment.

Some companies accepting Bitcoin as a payment option include Twitch, WeWork, Restaurant Brands International Inc QSR, YUM! Brands, Inc. YUM, Starbucks Corporation SBUX and Microsoft Corporation MSFT. The bitcoin rally seen this year is partly a function of the wide acceptance and its limited supply.

At last check, Camping World shares were up 4.36% to $44.97 as of Monday afternoon.

Related Link: Dogecoin As Payment Option Gains Momentum As 'Meme Currency' Shoots For The Moon

(Photo by Executium on Unsplash)

Posted In: BitcoinBitPayEthereumRecreational VehiclesRVsCryptocurrencyM&ANewsMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.