The Bitcoin archive Twitter account recently announced that holders of Bitcoin can now buy Tag Heuer luxury watches using the highly-priced asset. Bitcoin Archive shared the info with his one million Twitter followers on Friday.
Fans of the Tag Heuer brand will now be able to use Bitcoin to purchase wristwatches from the store. Tag Heuer is a Switzerland-based company that deals in exotic watches. The company has existed since 1860 and has embraced a series of technical innovations over the years. The company has sales outlets in over 40 different countries across the globe.
On Twitter, the Bitcoin archive also mentioned that Tag Heuer’s parent company is LVMH. Moët Hennessy Louis Vuitton also controls several other companies. Amongst these are Dior, Louis Vuitton, and Loro Piana.
Is Bitcoin a Suitable Payment option?
Bitcoin adoption has increased massively in the last two years. May companies rendering services that cut across different niches have integrated Bitcoin as a payment option in their businesses.
Whether Bitcoin perfectly fits as a means of payment is still debatable. Bitcoin has never been stable historically but has even been shakier in the last few weeks. Bitcoin critics argue against the volatility of the asset, making it an unsuitable payment option.
Other ecology advocates are strongly against the intense amount of energy consumed in the process of mining Bitcoin and the carbon footprints this process leaves in the ecosystem. Amidst these flaws, Bitcoin has still been utilized by businesses.
Bitcoin still has some unique characteristics that make the asset a great option. It can be sent easily across different nations, and blockchain records are permanent.
Perhaps, the acceptance of Bitcoin payments by Tag Heuer will spur similar established businesses to follow suit. Tag Heuer’s adoption of BTC has not been the only positive news for Bitcoin fans in the last few days. The US Congress is currently considering a bill to protect the right to allocate retirement savings to Bitcoin, and Qatar recently launched its first decentralized exchange.
