Bitcoin, Bitcoin, everywhere you turn, all you hear is about crypto-currency and the future of payments. For private jet rides, it appears the future is actually now. One private jet company says circa 20% of all payments already taken are paid in Bitcoin, and it expects that number to grow.
Yep, Bitcoin is your ticket to private jets, particularly if you bought in on the ground floor! It’s yet another major industry embracing the growing trend.
PrivateFly Bitcoin Jet Account
PrivateFly, a leading European jet charter and membership company has launched the world’s first jet membership club based on cryptocurrency. The jet program allows all members to deposit bitcoin and use the funds to fuel future flights. In fact, in one form or another it’s accepted bitcoin since 2014, making it an OG of crypto acceptance.
PrivateFly led the way in 2014 as the first global private jet company to accept payments via Bitcoin, when digital currencies were in their infancy. It has since offered clients the ability to pay in Bitcoin (or other cryptocurrencies) via BitPay for one-off flights or memberships, but immediately converted the payment to euros, pounds or dollars, to remove volatility risk.
But the company’s new Bitcoin Jet Account now allows clients to hold onto their Bitcoin, by opening a membership and keeping their account funds in the cryptocurrency.PrivateFly
Intriguingly, PrivateFly says that while it’s still a relatively small base of users paying with Bitcoin compared to your traditional Amex, Visa or Mastercard, those who do pay in crypto spend more, hence accounting for circa 20% of all sales.
The jet membership program has users commit to 25 hours of flight time on the fleet of their choice, and benefit from all-inclusive hourly rates at more competitive pricing, short notice guarantees and other perks.
While the global pandemic has been brutal for airlines and most of the travel industry at large, the global trend of wealth concentration has meant clear skies for private jet firms.
PrivateFly, like many other private jet platforms has experienced unprecedented booking demand in 2020 and into 2021, and cites better control of surroundings and frustratingly unpredictable government borders changes spurring last minute travel needs as a key driver.
Basically, people are fleeing on jets to beat the clock amid travel uncertainty, and many of them are paying using Bitcoin and other cryptocurrencies to speed up transactions.
If Bitcoin isn’t your thing, PrivateFly allows Ethereum and four USD-pegged stablecoins (GUSD, USDC, PAX, and BUSD) as payment as well. I’d love to say I know what any of those things are, but I don’t. Perhaps it’s finally time to learn.