TAG Heuer and Hublot are two of a number of luxury watch manufacturers who have said they would continue to accept cryptocurrencies as payment despite the market’s dramatic collapse in recent months.
According to an article published by The New York Times on August 10, companies that had just recently begun taking cryptocurrencies as a payment option said that they would continue to do so despite the continued volatility of bitcoin prices.
Frédéric Arnault, CEO of TAG Heuer, said in an early July video interview from the company’s headquarters in Eysins, Switzerland that:
“Cryptocurrency payments are an additional feature we provide to our consumers, but many will never use it. Several hundred pieces have already been sold for bitcoin.”
Purchasing a Tag Heuer using cryptocurrency
Impressively, if a TAG Heuer customer decides to pay using cryptocurrency, they have fifteen minutes to complete the transaction at a fixed exchange rate; afterwards, the rate is liable to fluctuate and may be drastically different.
According to Mr. Arnault, the window offers insurance from the extreme price volatility associated with cryptocurrencies. Arnault said that the bitcoin payment was the first step in its NFTs and metaverse plan.
He added: “In the next five to ten years, the market will choose which NFT collection or coin will continue in circulation. We will continue to invest in cryptocurrencies, NFTs, and blockchains because we think they are here to stay.