This paonia winemaker turns 1% of his yearly wine sales into Bitcoin (Baker City Herald)
Deborah Findling
December 4, 2024
In 2004, Peony Lane Wine planted its first plot of pinot noir, a natural wine, in one of the highest elevations for wine-growing in North America—Paonia, Colorado. Owner Ben Justman takes a unique approach to winemaking, marrying a process that dates back thousands of years with a modern-day approach to business operations by accepting Bitcoin transactions and even featuring a Bitcoin-inspired Satoshi’s Reserve wine.
Justman grew up on the Pinot Noir vineyard he operates today, a vineyard his dad tended to throughout his childhood as a hobbyist. After graduating college, he knew he wanted to start a business, and despite having no background in wine-making, the winery was a natural business opportunity. “We started the winery in 2019 and didn’t sell any wine until 2021. In that time, I committed, made, and invested in three vintages with zero proof of concept, zero proof of my ability to do this,” said Justman. Despite these challenges, Square reports the wine received positive reviews from customers and sommeliers alike.
Bitcoin and the Wine Business
Justman is a big believer in Bitcoin. He not only empowers customers to pay for his goods with it, he has converted 1% of all fiat wine sales to Bitcoin in the last three years using Square as an early adopter. “That 1% of Bitcoin, it’s cool to go sell wine and then come home with a little bit of Bitcoin,” said Justman.
He’d like to increase how much he converts to Bitcoin in the future as the winery’s sales grow, but for now, he leaves what he converts untouched. These sales are converted to Bitcoin and appear in his Cash App Bitcoin balance. This process is so automated as a part of Justman’s business operations that he hasn’t purchased Bitcoin on an exchange in the last few years.