Monday, June 17, 2019

Hublot Will Offer Watches To Be Paid Only In Bitcoin

Hublot will offer watches to be paid only in bitcoin as a part of a limited series. There will only be 210 watches in this limited run, and already there are more applications than watches. When the applications are admitted, the chosen ones will have to pay the price of the watch only in bitcoin. This item will be one of the first bitcoin-related luxury items paid also in bitcoin.

Hublot Will Offer Watches To Be Paid Only In Bitcoin

Hublot, the Swiss luxury watchmaker decided to do something special for this year’s tenth bitcoin anniversary. And for this, Hublot will offer watches to be paid only in bitcoin as a part of a limited run series to commemorate the whitepaper creation.

The limited series is called the “Big Bang” line, and the clock mill cost interested parties $25k to be paid in bitcoin only at the time of the purchase. With this move, Hublot executives expect to move social networks and appeal to younger, new crowds.

Sources from Hublot pointed out that this could be the start of a total acceptance of bitcoin for all series of clocks in the near future. CEO Ricardo Guadalupe stated:

“We will give the possibility to buy all our watches with cryptocurrencies in the future by the end of next year, after offering a second exclusive series.”

For receiving payments, they will be partnering with OSL, a Hong Kong-based cryptocurrency exchange that will manage KYC and AML policies for the asset sale. the first deliveries of the asset will be done the next January.

Retail Support Dwindling

This kind of promotions brings cryptocurrency to the retail state, where it has faced a big deceleration this year, with stores and service companies abandoning bitcoin payments. But the big retail giants like Microsoft and Steam have already stopped taking payments in cryptocurrency.

But on the other side of the spectrum, and in exchange for retail, the cryptocurrency world has received great news about the involvement of cryptocurrencies in the institutional asset market. With Bakkt and Fidelity organizing an institutional takeover of the market in the next year, it is really unclear what will happen with the push for retail adoption.

Earlier this week it was also announced that a limousine and taxi company from Tokyo would start accepting cryptocurrencies as payment for rides, in a movement to make this kind of assets more interesting for the average person to be used for everyday expenses.

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