Cryptocurrency users are using their new wealth to make them fly more often in private jets. Directional airline Privatefly revealed this week that nearly 20% of its sales were paid in cryptocurrency last month, and 13% of the total used Bitcoin.

On-demand private flights and encryption

According to Privatefly’s data, the number of flights purchased with digital assets has soared in recent years. For example, a targeted airline said a few years ago that the company withdrew 1-2% of encrypted payments for flights. This figure jumped sharply to 12% in December 2020, and then soared to 13% in the first month of 2021. In 13% of BTC payments, cryptocurrency settlement usually accounts for 19% of Privatefly’s revenue.

Adam Twidell, CEO of Privatefly.

The flying company stated that Privatefly began accepting Bitcoin in early 2014 and has since expanded its support for cryptocurrencies. The company uses Bitpay for a flight or membership, and started a new Bitcoin program this week. Privatefly has launched a “Bitcoin Jet Account”, which allows customers to hold their own BTC and open a membership at the same time, but keep the funds in cryptocurrency.

“Although we have been accepting Bitcoin payments for many years,” said Adam Twidell, CEO of Privatefly. “In recent months, cryptocurrency transactions have indeed taken off. This coincides with the rise in the value of Bitcoin-we paid 13% of our flight costs in this way last month. Previously, we only saw 1- 2% of advertising.” The CEO added.

Twidell continues:

Some of them are customers who want to realize revenue, while others want to keep their cryptocurrency for future growth. Therefore, in addition to obtaining our Bitcoin membership and converting account funds into traditional currencies (as we have provided for some time), we now also provide a membership program that allows account funds to remain in Bitcoin.

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“The perfect payment method”

Privatefly explained that a few years ago, Belgian technology entrepreneur Olivier Janssens was the company’s first customer to pay with Bitcoin. Janssens flew from Brussels to Nice Côte d’Azur and booked and paid on the same day.

Johnson said at the time: “This flight is the biggest Bitcoin payment transaction I have ever made.” “But it is very easy and effective, especially when I want to fly in a short time. This is the perfect payment. the way.”

Recently, Credit Suisse Group AG, BNP Paribas SA and many other financial institutions have stated that the demand for private jets has increased significantly and will continue until 2021. Werner Slavik, the aviation director of the equipment financing department of Societe Generale SA, pointed out in the Jet Investor incident.

The airline Privatefly provides one-time “on-demand” private flights, but ordinary customers can also create member accounts and deposit funds regularly. “Privatefly has always been committed to making private jet travel easier to book, combining innovative technology with deep industry expertise, and gaining strong support from one of the world’s largest private aviation groups, with annual revenues exceeding US$2 billion,” Twidell said. It was stated in the announcement.

“Many of our customers are tech-savvy and entrepreneurial people, which is why we started accepting bitcoin payments for one-time flights in 2014, which was the number one in the world at the time,” Twidell concluded. “We are now the first to offer a private jet membership program based on Bitcoin funds.”

Privatefly also supports payments in Bitcoin Cash (BCH), Ethereum (ETH) and four stablecoins (GUSD, USDC, PAX and BUSD) pegged to the U.S. dollar.

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What do you think of Privatefly’s recent crypto revenue growth and “Bitcoin Jet account”? Let us know your thoughts on this topic in the comments section below.

Tags in this story

2014, 2021, Adam Twidell, Bitcoin, Bitcoin (BTC), Bitcoin Cash BCH, BitPay, BTC, BUSD, crypto income, Ethereum (ETH), flights, GUSD, Olivier Janssens, Pax, private flights, Privatefly, Privatefly flights, Privatefly aircraft, revenue, USDC

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