20/05/2022
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The price of Bitcoin may have fallen by half from its highs last November, but luxury’s biggest company is giving a bullish signal on cryptocurrency.
Tag Heuer, the group’s Swiss watchmaking unit led by LVMH chairman Bernard Arnault’s son Frédéric, now accepts cryptocurrency on its US e-commerce site, allowing customers to pay with a dozen digital moneys including Bitcoin, Ethereum, Dogecoin, 5 USD-pegged stablecoins.
“We have been following cryptocurrency developments very closely ever since Bitcoin first started trading,” Frédéric Arnault said in a statement, adding that the digital money “promises to be a globally integrated technology in the near future despite the fluctuations — one that will deeply transform our industry and beyond.”
While Tag Heuer is much smaller than LVMH’s leading fashion labels like Louis Vuitton and Dior, its push into crypto could signal broader interest within the company. The watchmaker’s 27 year-old CEO attended Polytechnique, the same elite engineering school as chairman Arnault, and is seen as an increasingly influential player within the group. Tag Heuer added in its statement that it had other projects in the pipeline linked to blockchain technology, like NFTs.
Read the full story by BoF’s Robert Williams.
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