Earlier this month shares in bitcoin plummeted to its lowest value in over two years, but volatile or not, digital currencies are here to stay.
Tag Heuer, the LVMH-owned luxury watchmaker, announced it too would accept cryptocurrency payments.
In a press release Tag Heuer CEO Frédéric Arnault stated: “As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the fluctuations — one that will deeply transform our industry and beyond.”
The watchmaker accepts cryptocurrency for purchases up to 10,000 dollars through Bitpay. In the U.S. crypto payments over this amount require reporting to the IRS.
Aside from currency fluctuation, businesses adopting crypto payments must deal with issues such as refunding, as crypto transactions are irreversible.
Kering-operated brands Gucci and Balenciaga began accepting select cryptocurrencies earlier this year, setting the trend for fashion businesses to embrace blockchain technologies and metaverse opportunities.