PrivateFly says nearly 20% of its sales are paid by cryptocurrency

posted on 15th February 2021 by Eddie Saunders
PrivateFly says nearly 20% of its sales are paid by cryptocurrency

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.

Adam Twidell, PrivateFly CEO, said: “While we have accepted Bitcoin payments for many years now, cryptocurrency transactions have really taken off in recent months. These are in line with Bitcoin’s climb in value – to the extent that 13% of our flights were paid for in this way last month. We have previously seen just 1-2% each month

Some of these are clients who are looking to realise their gains, while others want to hold onto their cryptocurrency, in expectation of future increases. So, in addition to taking out a membership with us in Bitcoin and converting the account funds into traditional currency (as we have offered for a while), we now offer a membership program that allows the account funds to stay in Bitcoin.” 

Adam Twidell, PrivateFly CEO