Almost 20% of private aviation company PrivateFly’s yearly revenues are now coming from travelers paying with Bitcoin. The use of cryptocurrency as a payment option has surged over the past two months, which previously made up only a marginal amount of revenue.
According to the company’s latest figures, 12% of flights were paid for using Bitcoin in December. These numbers increased to 13% in January, a huge jump from about 2% of previously paid flights through digital currency.
Those paying with Bitcoin tend to spend it on more expensive flights, notes the company. The company CEO Adam Twidell said,
“Some of these are clients who are looking to realize 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
The price of Bitcoin has nearly increased 13x since its March 2020 low as it currently trades above $52,000.
The company first started accepting Bitcoin as a payment option in 2014 when a tech entrepreneur flew from Brussel to Nice and paid for that trip with digital currency.
PrivateFly has introduced a new membership program that allows its customers to place Bitcoin in an account that is charged using the value of BTC at the time of booking.