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Swiss based watchmaker brands TAG Heuer and Hublot choses cryptocurrency payment over ongoing market crisis

TAG Heuer and Hublot are the two among many luxurious brand manufacturers of watches who have stated that they would still keep accepting cryptocurrency payments amid the market’s recent steep collapse.

Indeed, despite the fact that the value of cryptocurrencies continues to fluctuate significantly, such firms recently began taking cryptocurrency payment options and will continue to do so, according to an article released on August 10 by The New York Times.

Chief executive of TAG Heuer, Frédéric Arnault, said:

“Crypto payments are one more service we offer our customers, even if many will never use it. We have already sold a few hundred pieces in cryptocurrency.”

Purchasing a Tag Heuer using cryptocurrency

Interestingly, whenever a TAG Heuer customer decides to make payment using cryptocurrency, customers will get a 15-minute timeframe at checkout to make a payment at a fixed exchange rate; after that, the cost is liable to fluctuate and may be remarkably different.

According to Frédéric  Arnault, the period offers some protection against the high volatility connected with the pricing of cryptocurrency. Frédéric Arnault also noted that the cryptocurrency transaction was the very first move in the company’s plan toward NFTs and the metaverse.

Hublot, first watch companies to embrace cryptocurrencies

Hublot was one of the first watch companies to embrace cryptocurrencies. In 2018, it welcomed Bitcoin in cooperation with OS Limited, a cryptocurrency brokerage firm. The firm accepted Bitcoin because of its special edition Big Bang Meca-10 P2P watch, which marked the 10th anniversary of the main digital asset.

The latest 200-piece Big Bang Unico Essential Grey, valued at $20,900 and sold only online, is among the watches that may have been purchased using cryptocurrencies, as Hublot enables transactions of up to $30,000.

Ricardo Guadalupe, the CEO of Hublot, wrote in an email that: 

“We haven’t noticed a direct repercussion on our sales as a result of the volatility in these markets.”

luxury watches market disrupted due to crypto crisis

In July, Finbold observed the crypto collapse that increased the availability of luxury brand watches also on the second-hand market. This recent reduction in pricing for the most coveted models indicated that the once-brisk industry for second-hand expensive watches was losing the fire.

However, Lamborghini sellers are keeping warm throughout the crypto winter since there is still a strong requirement for supercars. As most buyers belong to a selected group of personalities who are really wealthy that during the market fluctuations, they have little effect on them.

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