This year has been rough going so far for people who invested widely in cryptocurrency. Much has been written about the crypto crash that has played out over the last few months, and there’s been even more analysis of how it has and has not affected different aspects of the economy.
Some of those effects were relatively easy to predict. Others, though, come as more of a surprise. That includes this article at Intelligencer revealing that crypto prices dropping has led to a surge in the secondary market for luxury watches. In particular, Rolex and Patek Philippe were cited as companies seeing heightened activity on the secondary market.
In other words, some people who bought both crypto and watches as investments may be selling the latter to make up for the lost value from the former.
A recent Washington Post article offers some analysis of what brands have been less affected by the crypto market, including Vacheron Constantin and A. Lange & Söhne. This article also points out that prices may have dropped for some in-demand watches, but with the presence of years-long wait lists, not much may have changed in the short term. it’s a fascinating illustration of the unexpected ways different parts of the economy are interconnected.
More Like This
Thanks for reading InsideHook. Sign up for our daily newsletter and be in the know.
