[Bitcoin Now] "The Wealthy No Longer Use Cards for Travel"... Hotels and Cruises Also Accept This

Rapid Growth Driven by Newly Wealthy in Their 30s and 40s

As the recent surge in virtual asset prices has enabled the wealthy to accumulate significant fortunes, demand for ultra-luxury travel among affluent individuals is rising, prompting related companies to increasingly adopt virtual asset payment options.

Reuters Yonhap News

On August 31 (local time), the Financial Times in the United Kingdom reported that "newly wealthy individuals who have made huge profits from Bitcoin investments are spending lavishly on luxury travel," adding that private jet and cruise operators are introducing virtual asset payment options for these clients.

Ken Ricci, chairman of Flexjet, the parent company of FXAir, which provides private jet services to individual and corporate clients, stated, "Young entrepreneurs in the Bitcoin industry prefer to travel long distances on larger aircraft," and emphasized, "Above all, they prioritize saving time." FXAir charges $80,000 (approximately 100 million won) for a flight from London to New York.

Not only FXAir, but also cruise travel company Virgin Voyages now allows customers to purchase ultra-luxury cruise passes worth $120,000 per year using virtual assets. In addition, American boutique resort and hotel chain Kessler Collection and Hong Kong’s The Pavilions Hotels & Resorts also accept payments in Ethereum, Dogecoin, Litecoin, and other cryptocurrencies.

Analysts note that young entrepreneurs who have accumulated capital through the booming virtual asset market are now at the center of global luxury travel demand. According to analysis by global consulting firm McKinsey & Company, affluent individuals in their 30s and 40s spent about $2.8 billion on luxury travel in 2023, and this figure is expected to rise to $5.4 billion by 2028.

Nick Pacioli, head of aerospace at investment bank Jefferies, commented, "Today’s young wealthy seem uninterested in drinking champagne or eating caviar," and pointed out, "For young entrepreneurs in the Bitcoin and tech industries with significant financial resources, the scarcest asset is time." He added, "By using private jets, they can visit three cities in a single day and still spend the evening with their families. Once accustomed to this, it becomes difficult to return to previous ways of travel."