Yes. Rich people buy lots of stuff like that cuz they are bored.
However, that does not mean its not a really cool bracelet. Who gives a crap what other people do, if you love the style and how it looks on you, and dont mind the price and know you are paying a ton more because of the brand, then rock on, man. Rock the eff on, and enjoy it.
Btw, the plat bracelet is hot, but it will loose than shine and sheen very fast. Plat gets matte pretty quick as it undergoes wear. The gold will stay nice longer.