Bitcoin price surge sparks luxury travel boom

A growing number of luxury jets and yachts are starting to accept payments in digital currencies, amid booming demand from travelers made wealthy by the soaring price of bitcoin.

“Huge” demand from young and wealthy customers thanks to digital currency has prompted FXAIR - an airline of the Flexjet group, to accept payments in this currency.

Flexjet President Kenn Ricci said that in recent months, bookings for FXAIR's charter flights have increased sharply.

“The majority of these customers are young entrepreneurs in the crypto space,” said Ricci. “They want to fly further and use larger planes. We save them time… and time is the most precious luxury.”

FXAIR currently charges around $80,000 for a private flight from Farnborough Airport, near London (UK), to New York (USA).

Paul Charles, CEO of luxury travel consultancy PC Agency, said the rapid rise in wealth from cryptocurrency businesses has expanded the clientele of private jet services, luxury hotels and luxury yachts.

“There is a generation of young people growing up with a desire to travel, not wanting to be tied down to boredom or conventional lifestyles,” he says.

Catching on to the trend, luxury cruise line Virgin Voyages allows customers to buy a $120,000 annual membership with digital currency. Meanwhile, SeaDream Yacht Club, which operates two superyachts with a crew-to-guest ratio of nearly 1:1, began accepting bitcoin shortly after Donald Trump entered his second term as US President.

Several other luxury hotel groups such as The Kessler Collection (USA) and The Pavilions Hotels and Resorts (founded in Hong Kong, China) also allow payments in a variety of tokens other than bitcoin, including dogecoin, litecoin and ethereum.

Bitcoin has hit a new record, hitting $124,000 in recent weeks, thanks to President Trump's support for the digital currency industry and his pledge to turn the US into the "crypto capital" of the world .

The US Congress also passed landmark legislation, while Mr Trump appointed crypto-friendly regulators and supported many digital asset businesses. As a result, not only did the price of bitcoin and its tokens surge, but stocks of companies in the industry, such as exchange Coinbase and stablecoin issuer Circle, also hit record highs.

The emergence of a group of young, “rich” entrepreneurs has created a strong boost for the global luxury travel market. According to McKinsey analysis, the 30-40 year old group spent $28 billion on luxury travel in 2023 and this figure is expected to increase to $54 billion by 2028.

“Entrepreneurs in the cryptocurrency and technology sectors have unlimited resources, money and ambition. The only thing they lack is time,” said Nick Fazioli, head of commercial aviation at investment bank Jefferies.

(Vietnam+)

Source: https://www.vietnamplus.vn/gia-dong-bitcoin-tang-vot-thoi-bung-lan-song-du-lich-xa-xi-post1059111.vnp