Hublot Presents $25K Luxury Timepiece for Purchase Only With BTC
Luxury watchmaker Hublot launched its timepiece that can be purchased exclusively for Bitcoin, marking the cryptocurrency’s 10th anniversary.
Hublot, the Swiss-based luxury watchmaker, presented a luxury watch that can be purchased only with Bitcoin. The company, which is a subsidiary of Paris-based LVMH Moët Hennessy Louis Vuitton SE, wants to sell the timepiece to crypto enthusiasts by making the connection with Bitcoin’s 10-year anniversary.
Hublot CEO Ricardo Guadalupe said that the wristwatch is a limited-edition piece that costs around $25,000. He revealed at an event in Hong Kong that the watch had been made for the company’s Big Bang line and that Hublot was the world’s first luxury brand to make such a move. Big Bang Meca-10 P2P, as the model is called, will have the BTC transaction number engraved on the bezel, which will make each piece unique.
The Swiss watchmaker will work with HK-based Octagon Strategy, a digital asset brokerage firm, to handle the payments and carry out the anti-money laundering verifications. Octagon CEO Wayne Trench unveiled that the limited amount of 210 pieces is already reserved, as the number of orders exceeds this figure. The clients who saw their applications approved will be able to see their watches starting with January 2019, after going through a purchase agreement at a predetermined BTC strike date.
The luxury watch industry has recently focused on social media marketing in an attempt to attract more young clients. Hublot’s latest move is meant to follow the current trends of the cryptocurrency adoption.
Guadalupe told Bloomberg:
“We can do something different. 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.”
Hublot shows the timepiece in a presentational video on its YouTube channel, saying that the watch design inspired by blockchain technology.
The Swiss watchmaker created a special webpage where customers can pre-order the timepiece. The page reads:
“Hublot supports those who admire avant-gardism, pursue innovations and reckon upon forging a new order for the world. With the collaboration between Hublot and OS Limited (OSL), Asia’s leading digital asset brokerage, Hublot paves the way for both the watch and advanced technology industries.”
In April of this year, we reported that Hublot’s parent LVMH was supporting the VeChain project, which is behind the cryptocurrency with the same name.