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3 January 2024, 01:48 AM | #1 |
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Bitcoin and Rolex
People blame a lot of the previous watch bubble on bitcoin or other crypto having high prices, as many enjoyed spending their highly appreciated asset on luxury items. Bitcoin has had a massive increase the last several months, but watches have gone down or at best remained steady. Curious to hear others’ thoughts around this and why it’s not affecting the watch market the same again.
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3 January 2024, 01:52 AM | #2 |
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Rolex performance aligns with interest rates. Bitcoin price is the speculation on a future ETF and further utility/adoption.
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3 January 2024, 01:53 AM | #3 |
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Early adopters/miners of Bitcoin had an influence on the watch market because they bought/mined when Bitcoin was super cheap, when it was in the hundreds of dollars per coin or less and then sold at the top a few years ago when it hit 60K. Since that point, Bitcoin has been a bad investment because it has only come down and even this most recent spike has been minimal and unless you are dropping millions into it, your earnings will be small.
Those early adopters purchased luxury goods because at the time, this was the only category that would accept Bitcoin as a currency.
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3 January 2024, 02:02 AM | #4 | |
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ICom Pro3 All posts are my own opinion and my opinion only. "The clock of life is wound but once, and no man has the power to tell just when the hands will stop. Now is the only time you actually own the time, Place no faith in time, for the clock may soon be still for ever." Good Judgement comes from experience,experience comes from Bad Judgement,.Buy quality, cry once; buy cheap, cry again and again. www.mc0yad.club Second in command CEO and left handed watch winder |
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3 January 2024, 02:15 AM | #5 | |
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3 January 2024, 02:15 AM | #6 | |
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Got in late but I don't think doubling this year is a bad investment. I've made more in a tax free Fidelity account off GBTC this year than I did working as a senior principal engineer at a major defense contractor. The underlying coin performance was +171% over past 1 year.
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3 January 2024, 02:20 AM | #7 |
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Just another thing to add, many people still don't understand BTC. What's happening is as the government debases our money (QE, printing etc...) BTC is decentralized with a fixed amount and cannot be watered down, so people are seeking safety with BTC. People also use assets like Rolex and gold to seek safety for their purchasing power.
The BTC is growing faster than the internet did in the 90s, and with only 21 million coins, once companies, banks, and the wealthy start to buy it there's a good chance the value rises to 1 million USD per coin by 2030. It may even have a chance to become a world reserve currency as countries begin to lose faith in the dollar. BTC is also portable and easy to transact with internationally, unlike gold. |
3 January 2024, 02:22 AM | #8 |
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To the moon!
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3 January 2024, 02:29 AM | #9 | |
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At least it's new content and not a repost of stuff written 25 years ago. |
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3 January 2024, 02:36 AM | #10 | |
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But with new entrants, come questions to better understand how they should spend their money. I certainly can see both sides. |
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3 January 2024, 02:54 AM | #11 |
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Here we go! Another financial thread! Aren’t there forums for talking about bitcoin? Maybe this thread should be moved to the Open Discussion forum?
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3 January 2024, 03:17 AM | #12 |
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I think the rise of Bitcoin will affect the market in a positive way.
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3 January 2024, 03:44 AM | #13 |
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I think Rolex and finance are very much intertwined. Perhaps moved to a different sub-category of the forum but they're certainly connected.
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3 January 2024, 07:28 AM | #14 |
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You are listening too much to Kevin O'Leary. There is absolutely ZERO correlation between BTC and Rolex prices in the "current market". Do I think some of the easy money from BTC and momentum stocks trading went to buying luxury watches during COVID, absolutely! but those were weak hands and already got slaughtered after the rug pull last year. Many of them will never touch stocks again any time soon.
As far as long term investors are concerned, most don't put more than 5%-8% in BTC and precious metals and I can assure you none would ever touch their portfolio to buy a watch otherwise they wouldn't be investors for long. |
3 January 2024, 07:52 AM | #15 |
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3 January 2024, 08:05 AM | #16 |
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I feel like it was the initial wave of idiots, who got lucky with bitcoin, who were idiots so they blew their gains on watches (buying expensive watches is not stupid, but it is stupid if you are just doing it to show off and you just wanted something impressive to spend your money on to impress others, it’s different if you actually enjoy watches, and are passionate about them). The majority of them are not still in bitcoin, if they are not, then the fluctuations in bitcoin would not affect the fluctuations and watches as much anymore.
I also feel like it may have been a correlation rather than a causation, maybe they both had the same cause, but the cause was not the other. Another, possibly |
3 January 2024, 12:10 PM | #17 | |
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It really has nothing to do with people making money with BTC and then creating a supply/demand issue because they were buying up all the Rolex. |
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3 January 2024, 12:19 PM | #18 |
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I agree. If I want read about Bitcoin, I’ll consult the financial pages elsewhere. Let’s keep to watches here please.
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3 January 2024, 12:21 PM | #19 |
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3 January 2024, 12:39 PM | #20 | |
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Looks like we have more than watches in common
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3 January 2024, 12:42 PM | #21 | |
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Granted it was also good to see you and I also agree on more than watches
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3 January 2024, 01:07 PM | #22 |
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This!!!
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3 January 2024, 02:02 PM | #23 | |
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3 January 2024, 02:03 PM | #24 |
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3 January 2024, 03:10 PM | #25 |
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Halving has a knock-on effect so don’t jump yet.
Bitcoin’s protocol is hardwired to reduce the amount of BTC awarded to a miner for adding a block to the ongoing chain. Mining reward halvings occur every 210,000 blocks, and with a block added to the blockchain every ten minutes, halvings come around every four years. The green arrows show the previous 3 halvings. Note how the slope of the rise afterward becomes shallower. The upcoming 4th halving is inevitable and may washout some less efficient miners. The relationship to Rolex price isn’t correlated since I have yet to see them reduce prices when BTC fell…hope that answers the question. Sent from my iPhone using Tapatalk Pro
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3 January 2024, 03:33 PM | #26 |
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Per forum rules:
(iv) THIS IS A ROLEX WATCH DISCUSSION FORUM AND NOT A PRICE OR INVESTMENT OR DISCOUNT DISCUSSION FORUM SO IF YOU HAVE A QUERY REGARDING PRICES, INVESTMENTS OR DISCOUNTS THEN MAKE YOUR OWN PERSONAL ENQUIRIES AND INVESTIGATIONS AND DO NOT POST THOSE ISSUES HERE. |
3 January 2024, 05:57 PM | #27 |
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You won’t see a direct immediate correlation. The upwards pressure on watch prices has been driven by multiple factors including production shortages, covid cash, inability to spend money on other luxuries, low interest rates etc. And yes, high stock markets and crypto gains.
Social media fuelled the fire/ hype and the impact was felt on demand and prices for other items - property, car, stock markets, watches, even LEGO… Bitcoin is an obvious example because it’s easy to spend gains gradually on watches where it is accepted as payment instead of translating it directly into cash. Less scrupulous people may view this as a convenient way of trying to avoid tax. You’ll never see an immediate direct correlation though as too many other factors at play. It’s like asking why ice cream prices haven’t gone up because it was sunny last week. |
4 January 2024, 12:39 AM | #28 |
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Yes, and based on the past, we can expect that the value of BTC will rise more steeply after the 4th halving, if only because many people will gamble on this more or less certain future.
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4 January 2024, 12:56 AM | #29 | |
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If you look at the chart I posted, the rises after halvings are not getting steeper. It’s getting shallower. Yes, it will rise more than the basic market - but not as strong as previous halvings. Sent from my iPhone using Tapatalk Pro
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4 January 2024, 12:59 AM | #30 |
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Oops, sorry, I was looking for the Rolex forum.
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