Buyers can now pay for luxury plane using bitcoins

Buyers can now pay for luxury plane using bitcoins

By Benson Toti - min read

Cryptocurrency can now be used to buy this multi-million dollar aircraft

Aviatrade, an aircraft sales firm, has decided to cash in on the crypto craze by allowing interested buyers to pay in bitcoin. Their first plane available for purchase through cryptocurrency is the Gulfstream G650ER. The plane can comfortably seat 14 passengers across three separate living spaces.

The purchase price in cash for the model is $40 million, because it has less than 1,200 hours on it.

The six year old airplane previously served in New Zealand and around Asia, but is now on its way back to its place of birth at Gulfstream’s headquarters in Savannah, Georgia. It will undergo routine inspections and other preparations while it waits for its new owner.

It is the largest aircraft in its lineup and the American private jet manufacturer’s current flagship model. Famous persons that own the same model include Jeff Bezos and Elon Musk. It is a known favourite amongst frequent intercontinental travelers who do not want to make multiple fuel stops throughout their journeys.

The aviation sector has worked steadily towards integrating digital finance across several verticals. Airports, such as the Brisbane Airport (BNE), announced in 2018 that travelers could spend cryptocurrency to shop and dine in their stores.

In the same year, the global payment platform Universal Air Travel Plan partnered with Bitnet, a digital commerce platform, to allow over 260 airlines to accept Bitcoin as a payment option. This alternative method of payment included the following airlines: Aeromexico, Air New Zealand, American Airlines, Austrian Airlines, China Eastern Airlines, Delta Air Lines, EL AL Israel Airlines, Etihad Airways, GOL Linhas aereas inteligentes S.A., Hahn Air, Japan Airlines, Luhfthansa German Airlines, Malaysia Airlines, Qantas Airways, Shandong Airlines, United Airlines and US Airways.

Many believe that cryptocurrencies help make traveling easier, since travelers no longer have to worry about managing and converting their cash. Instead, they can rely on the use of their digital wallets to navigate different airports and destinations.

Several firms have also jumped at the opportunity to use blockchain to enhance their operations. In 2019, the Norwegian Airlines revealed the Norwegian Block Exchange (NBX) to help facilitate payments within the airline industry. It has since evolved to cover other sectors.

Apart from making payments more efficient, airline companies are also looking into the use of blockchain for decentralised data storage and online commerce.