Private aviation, luxury cruise operators, and boutique hotels are increasingly accepting cryptocurrency payments, driven by a surge in demand from young, newly wealthy Bitcoin entrepreneurs. According to a Financial Times report, companies like FXAIR (under Flexjet) now accept crypto for transatlantic flights costing approximately $80,000, while Virgin Voyages sells its $120,000 annual cruise pass using digital assets. SeaDream Yacht Club, known for its ultra-personalized service, and hotel groups like The Kessler Collection and The Pavilions Hotels and Resorts have also adopted crypto payments, including Bitcoin, Ethereum, Dogecoin, and Litecoin.
This trend is fueled by Bitcoin's recent peak at $124,000, attributed to renewed political support in the U.S., including former President Donald Trump's pro-crypto stance. Kenn Ricci, chair of FXAIR, noted 'tremendous' demand from young crypto entrepreneurs who value time as the 'most precious luxury.' McKinsey data projects luxury travel spending by travelers aged 30-40 will nearly double from $28 billion in 2023 to $54 billion by 2028, with many consumers originating from the digital asset space.
Despite potential financial drawbacks—such as tax implications (e.g., IRS treating crypto spending as taxable disposal) and historical regrets like the infamous Bitcoin pizza purchase—some view this as a rational hedge against market volatility. Sean Parsons of luxury watch marketplace Kettle observed that while Bitcoin is often held as a store of value, active traders on chains like Solana and Ethereum are more inclined to spend gains on luxury items.