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If you plan on wearing it yourself and giving it to him later go ahead.
If your going to box it up for him for 19 years don't bother. In 19 years not only will the lubricants dry or coagulate requiring a perhaps costly maintenance, but in that long period taste in watches way changes dramatically. Your 21 year old may not have the slightest interest in that watch which could be 'old fashioned' looking by then.
If the watch was yours and actively worn by you as he grows up, there would be sentimental value which would be absent if the watch is his from the start. He may even feel guilty and obligated to take and wear the watch that you've lovingly saved for him.
Finally, while I don't know where you were planning to store it, something small which you don't use for 19 years can easily end up missing.
If your doing this as an investment, there are better ways to invest your money.
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