Cryptocurrency users are leveraging their new-found wealth to fly more often with private jets. This week the directional aviation company Privatefly revealed that close to 20% of the firmâ€™s sales were paid in cryptocurrencies last month, and 13% out of that aggregate used bitcoin.
On-Demand Private Flights and Crypto
According to data from the company Privatefly, purchasing flights with digital assets has soared in recent times. For instance, the directional aviation company said a few years ago, the company pulled in 1-2% from crypto payments for flights. The numbers jumped significantly in December 2020 to 12%, and subsequently spiked to 13% during the first month of 2021. Out of the 13% in BTC payments, cryptocurrency settlement, in general, makes up 19% of Privateflyâ€™s revenue.
The flight company says that Privatefly started accepting bitcoin early in 2014 and since then, it has expanded its cryptocurrency support. The company uses Bitpay for one-off flights or memberships, and this week it has started a new bitcoin program. Privatefly has launched the â€œBitcoin Jet Account,â€ which allows customers to hold their BTC and open a membership at the same time, but keep the funds held in crypto.
â€œWhile we have accepted bitcoin payments for many years now,â€ Adam Twidell, Privateflyâ€™s CEO said. â€œCryptocurrency transactions have really taken off in recent months. These are in line with Bitcoinâ€™s climb in value â€“ to the extent that 13% of our flights were paid for in this way last month. We have previously seen just 1-2% each month,â€ the CEO added.
â€˜The Perfect Way to Payâ€™
Privatefly explained that years ago, that the Belgian tech entrepreneur, Olivier Janssens, was the firmâ€™s first customer to pay in bitcoin. Janssens took a flight to Nice Cote Dâ€™Azur from Brussels and booked and paid for the trip on the same day.
â€œThe flight was the biggest Bitcoin payment transaction I have made,â€ Janssens said at the time. â€œBut it was very easy and efficient, particularly as I wanted to fly at very short notice. It was the perfect way to pay.â€
Recently, Credit Suisse Group AG, BNP Paribas SA, and a number of other financial institutions said demand for private jets has increased massively and should continue throughout 2021. â€œLooking back we had a very good year and much, much better than expected,â€ the chief of aviation for the equipment-finance unit of Societe Generale SA, Werner Slavik, noted during a Jet Investor event.
The aviation company Privatefly offers one-off â€˜on-demandâ€™ private flights, but regular patrons can also create a membership account and deposit funds regularly. â€œPrivatefly has always sought to make private jet travel easier to book, combining innovative technology with deep industry expertise and the secure backing of one of the worldâ€™s largest private aviation groups, with annual revenues of over $2 billion,â€ Twidell noted during the announcement.
â€œMany of our clients are tech-savvy and entrepreneurial people, which is why we started accepting bitcoin payments for one-off flights in 2014, a world-first at the time,â€ Twidell concluded. â€œWe are now the first to offer a private jet membership program based on bitcoin funds.â€
What do you think about Privateflyâ€™s recent crypto revenue uptick and the â€œBitcoin Jet Account?â€ Let us know what you think about this subject in the comments section below.
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