Even though the values of cryptocurrencies continue to see significant fluctuations, luxury watchmakers continue to get involved in the space either by accepting payments in crypto or either through designs.
The latest luxury crypto watch comes from Jacob & Co, who revealed on Instagram that it would be showcasing the all-new Astronomia Solar Bitcoin limited edition at the World premiere at ‘The Geneva Watch Days’ by appointment only, from August 29-September 1.
According to the firm, the new Bitcoin-themed limited edition watch is the first high-complication timepiece dedicated to and inspired by the cryptocurrency space.
Interestingly the luxury watch is described as featuring:
“A rotating Bitcoin currency logo. A yellow sapphire sun, a 1ct diamond moon, and a golden Earth. A miniature black rocketship, complete with a flaming reactor and a Bitcoin sign to reach for the moon. All these symbols tell the story of the advent of the first cryptocurrency, from abstraction to reality, from outlier to a mainstay of the financial system.”
Luxury watchmakers in crypto
Notably, Finbold reported at the start of August that Luxury watchmakers continue accepting crypto as payment despite the market crash.
It is important to note that the cryptocurrency market crash in July led to an increase in the supply of luxury watches available on the second-hand market. This comes when prices for the most desirable models have recently dropped, indicating that the once-thriving market for pre-owned luxury watches is starting to lose steam.
Initially, a new group of luxury customers had formed due to the historically high prices of cryptocurrencies, which led to an increase in price for some models that were unparalleled in the history of the industry.
Despite this, Lamborghini dealerships are thriving despite the crypto winter because there is still solid demand for supercars. Most supercar owners are members of an exclusive set of people who are so wealthy that they are mostly untouched by changes in the market.