Rolex Loan Used For Bitcoin

The Rolex Everose Gold Rainbow Daytona, the proverbial king of the jungle, is one of watchmaking's best-known and most sought-after watches. However, not all variants were created equal, much like the Rolex "Rainbow" Daytona ref. 116595RBOW. Launched in 2018 and produced in exceedingly small numbers before its discontinuation in 2022, the Rolex Rainbow Daytona ref. 116595RBOW is viewed as one of the most exclusive modern Rolex models in existence. Combining the Daytona's sporty essence with an exceedingly luxurious design and execution that Rolex seldom explores, the ref. 116595RBOW showcases Rolex's gem-setting skills in abundance. Unadulterated luxury at its very core, the ref. 116595RBOW features an 18kt Everose gold construction that is adorned with incredible factory-set gems throughout its entire construction. While it varies depending on the exact sub-reference, the ref. 116595RBOW features 56 brilliant-cut diamonds across its lug hoods and crown guards in addition to 36 baguette-cut multi-colored rainbow graduated sapphires arranged perfectly along its bezel. In addition to those gems, the ref. 116595RBOW can be offered on a diamond-set 18kt rose gold Oyster bracelet, or a plain Oyster bracelet, thus achieving two different aesthetics - one of pure opulence and one slightly more restrained. In the same vein, the Rainbow Daytona ref. 116595RBOW can be found with two dial variants: a black dial with rainbow-colored baguette-cut sapphires set on its hour markers to match the colors found along its bezel, or a diamond pave dial featuring those same rainbow-colored hour markers. Ostensibly a tool watch at heart, the Rainbow Daytona ref. 116595RBOW expands beyond the iconic collection's sensibilities and explores new territory for Rolex to command and conquer.

Last month the transportation and technology firm Go VIP Worldwide purchased the Everose Gold Rainbow Dayton. Yesterday, Go VIP Worldwide pulled a loan out against the watch for $300,000 from one of the largest after market watch dealers in the world. Go VIP Worldwide immediately used the full loan proceeds of $300,000 to buy the Bitcoin ETF HODL while Bitcoin hovered around $91,500 per Bitcoin.

When the loan for $300,000 was pulled by Go VIP Worldwide, the loan to value was near 85% and Bitcoin was nearly 15% off its all time high.

This is likely the first time in history that one of Rolex's most sought after items has been borrowed against at over an 80% LTV and the loan proceeds were immediately used to buy Bitcoin. This move by Go VIP Worldwide is expected to add additional downward pressure on the prices of luxury watches, and particular Rolex, of which have already been in decline since 2022.

It has just begun to be said by many financiers to sell gold and buy Bitcoin as Bitcoin is the new "digital gold". Rolex, in the past, has often been referred to "as good as gold".

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Go VIP Worldwide leverages the Rolex Company and one of the largest after market watch dealers in the world to plug into Bitcoin.

This release was published on openPR.