Aviatrade, a private airplane sales company, unveiled a new payment platform last week that allows the well-heeled to purchase multimillion-dollar private jets using bitcoin, according to a report by Business Insider.
First on the catalog is a six-year-old Gulfstream G650ER, a private jet with a $40 million sticker price and similar to the ones owned by the likes of Tesla CEO Elon Musk and Amazon founder Jeff Bezos, the report said.
Per the listing, the G650ER is the Gulfstream flagship and one of the largest aircraft made by the American private jet manufacturer. At press time, it is listed for sale on the site at the price of 3,859 BTC (subject to change as per market fluctuations).
Aviatrade currently lists 14 other private business jets for sale, including a 2018 model of the Boeing Business Jet - with an average price of $75 million or about 6,909 bitcoin.
Aviatrade President Phillip Rushton commented that the use of cryptocurrencies has soared recently in developing countries with unreliable currencies while the wealthy, too, are turning to virtual wallets and making “high-level purchases.”
Rushton explained that cash payments are subject to cross-border restrictions in some countries, and buyers are looking for alternatives to avoid such regulations which is where Bitcoin comes in.
Aviatrade is among the first few aviation companies turning to cryptocurrencies to increase their clientele and accommodate the burgeoning sector.
Earlier this year, Italian charter plane operator Fast Private Jet announced it would take payment for its flights in bitcoin, courtesy of a partnership with crypto payments processor BitPay.
Kaizen Aerospace, a company engaged in private jet sales, leasing, and management, also accepts bitcoin for all its services, as per a YouTube episode by chairman Fabrizio Poli in July 2020.
Poli said at the time, “We’re offering clients the opportunity to pay in bitcoin and other cryptocurrencies for our services, whether they’re buying an aircraft, doing maintenance, chartering, or whatever it may be.”
“Because if someone calls you on a Saturday for a charter, they can’t do a wire transfer,” he added.
With the recent development, bitcoin can be used to pay for a variety of products around the world - such as private planes, yachts, food deliveries, and even groceries — in a secure, verifiable way.