There are not many in the crypto world who would like to adjust to the stratospheric rise in cryptocurrencies on a given day and heartbreaking crashes the very next day. And very few would imagine accessing Bitcoin right through an accessory as common as a wristwatch to showcase opulence of the highest order. The Swiss watchmaker Franck Muller had last year in May turned it into reality when it unveiled the world’s first functional Bitcoin watch called Encrypto for users to add Bitcoin to their crypto wallet or check balance directly through the watch’s dial via a QR code nestled into its polished frame. Early this year, the company further went on to reveal a new premium titanium timepiece called ‘Free the Money. Free the World’ that also worked as a cold storage Bitcoin wallet.
Cold storage in Bitcoin’s context is referred to the storage of Bitcoins offline, away from any sort of Internet access in contrast to hot storage or online crypto wallets connected to the internet. The limited-edition watch, which according to media reports was unveiled in February this year, is currently priced at 12,000 Swiss Franc or nearly Rs 9.7 lakh. “Each timepiece comes as a two-piece “Deep Cold Storage” set, with its own unique public address etched on the dial and a sealed USB containing the private key. You add your Bitcoins to your Bitcoin wallet or check your balance directly through the dial,” the description of the watch on its website read.
However, Free the Money. Free the World is among the more affordable models. Franck Muller’s range of Bitcoin watches goes up to 74,000 Swiss Franc or close to Rs 60 lakh. The most expensive one in that price bracket is the diamond-encrusted Speed edition timepiece. Bitcoin’s price during the launch of Encrypto was $8,717 which increased to nearly $60,000 towards the end of February this year, as per CoinMarketCap, when the company launched its 12,000 Swiss Franc wristwatch. The price of Bitcoin stood at $38,878 at the time of filing this report after falling from its peak of close to $64,000 on April 14, 2021.