Editors

Harry Cassin
Publisher and Editor

Andy Spalding
Senior Editor

Jessica Tillipman
Senior Editor

Richard L. Cassin
Editor at Large

Elizabeth K. Spahn
Editor Emeritus

Cody Worthington
Contributing Editor

Julie DiMauro
Contributing Editor

Thomas Fox
Contributing Editor

Marc Alain Bohn
Contributing Editor

Bill Waite
Contributing Editor

Shruti J. Shah
Contributing Editor

Russell A. Stamets
Contributing Editor

Richard Bistrong
Contributing Editor

Eric Carlson
Contributing Editor

Bill Steinman
Contributing Editor

Happy kleptocrats? This ultra high-end Swiss watch can only be bought with bitcoin

The Big Bang Meca-10 P2PLuxury Swiss watchmaker Hublot announced a new product this week: a $25,000 watch that can only be bought with bitcoin.

The timepiece, called the Big Bang Meca-10 P2P (yes, really), is in celebration of the 10th anniversary of Satoshi Nakamoto’s whitepaper on bitcoin that kicked off the cryptocurrency. 

Hublot said it’s “the first watch in the industry that can be bought directly from the watchmaker with bitcoin.”

The partnership is a “fusion between top-notch Swiss watchmaking and cutting-edge FinTech,” according to the company. 

Production of the Big Bang Meca-10 P2P will be limited to 210 pieces, around $5,250,000 in revenue for Hublot. 

Bitcoin is confusing, which may be why Hublot included a “purchase logistics” section in the Big Bang Meca-10 P2P information.

Screenshot from the Big Bang Meca-10 P2P information brochure

Hublot does include a “KYC & Confirmation” section in the purchase process. The level or type of KYC compliance isn’t detailed. 

We reached out to Hublot for more details on the KYC process for the Big Bang Meca-10 P2P and haven’t heard back. 

One of the major advantages of using bitcoin to launder money is the anonymous and decentralized nature of cryptocurrencies. Bitcoin is also hyper-portable — billions of dollars can fit on a thumbdrive. 

The trend of high-end luxury goods combining with untraceable cryptocurrency is likely to increase money laundering risks.

“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,” according to Hublot’s site. 

You can buy the Big Bang Meca-10 P2P here

____

Harry Cassin is the managing editor of the FCPA Blog.

Share this post

LinkedIn
Facebook
Twitter

Comments are closed for this article!