Luxury Travel Market Sees Surge in Cryptocurrency Payments Among Young Entrepreneurs
The market for luxury travel is expanding significantly, according to PANews, as wealthy young business owners choose bitcoin payments more and more. Private jet and ultra-luxury cruise lines have begun to accept digital currency as a result of the recent spike in Bitcoin prices. According to a McKinsey estimate, people between the ages of 30 and 40 spent $28 billion on luxury travel in 2023, and by 2028, that amount is expected to increase to $54 billion.
The ‘tremendous’ demand from young, affluent customers prompted Flexjet Chairman Kenn Ricci to allow cryptocurrency payments through FXAIR, a Flexjet subsidiary. The approximate cost of a flight from London’s Farnborough Airport to New York City is $80,000. Ricci emphasised that time is their most valued luxury and saw a “significant” spike in reservations from young businesspeople in the Bitcoin space who prefer bigger planes for longer flights.
The premium cruise line Virgin Voyages now accepts cryptocurrencies as payment for its $120,000 yearly ticket. Similarly, soon after U.S. President Donald Trump took office for a second term, SeaDream Yacht Club, which owns two ultra-luxury boats with a roughly 1:1 crew-to-passenger ratio, started taking Bitcoin payments. Tokens like Dogecoin, Litecoin, and Ethereum are now being accepted by boutique hotel chains, such as the Kessler Collection in the United States and Pavilions Hotels & Resorts in Hong Kong.
