Despite the continued volatility in cryptocurrency prices, high-end watch brands are increasingly incorporating cryptocurrency elements into their products.
On Instagram, Jacob & Co. announced the world debut of their brand-new Astronomia Solar Bitcoin limited edition at ‘The Geneva Watch Days’ (an invitation-only event held in Geneva, Switzerland between August 29 and September 1).
“The Bitcoin logo, which rotates at regular intervals. The Earth is made of gold, while the sun and moon are made of yellow sapphires. A little black rocket ship, ready to launch with its raging reactor and Bitcoin symbol. These signs chart the development of the first cryptocurrency from concept to practice, from financial system outlier to mainstream institution.”
In spite of the market downturn, luxury watchmakers are still taking cryptocurrency as payment, according to a Finbold study from the beginning of August.
As a result of the July market fall in cryptocurrencies, more pre-owned luxury timepieces have entered the secondary market. It comes at a time when prices for the most searched models have been falling, signalling a slowdown in the once-strong market for pre-owned luxury timepieces.
Due to the unprecedented price of cryptocurrencies, a new audience of high-end consumers emerged, driving up the price of certain models to levels never seen before.
In spite of the crypto winter, Lamborghini dealerships are doing well due to the consistent demand for high-end vehicles. The typical owner of a supercar is part of a select group of individuals who are so financially secure that they are mostly immune to market fluctuations.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.