The world’s uber rich can now purchase luxury private jets using Bitcoin as an alternative means of payment.
The Gulfstream G650ER is the current flagship model of the manufacturer and is also the largest of the company’s models. It’s ability to fly 7500-nautical mile has made it the private jet of choice for the world’s richest, from celebrities to heads of business.
This would allow passengers to fly halfway across the world, from New York to Nairobi or Los Angeles to Sydney.
An answer to cross-border payments
One of the major reasons why this new payment option may well attract new buyers is the hefty price tag for a Gulfstream jet and the difficulty one might have in shifting around the funds to pay for the aircraft.
Given that the G650ER costs $40mln, transferring such a large amount of money may prove difficult using existing payment channels. Most countries have strict exchange controls that make it difficult to move large amounts of cash across borders. Making a transaction with Bitcoin could make it easier for the wealthiest individuals to get their hands on the jet of their dreams.
At the current BTC/USD rate of around 1BTC/$10700, one would need to need to have at least 3734 BTC in order to buy this aircraft.
Anyone holding this amount of Bitcoin would find themselves among the top 400 Bitcoin holders in the world, according to the 99Bitcoins’ list of the richest Bitcoin addresses.
BTC for the finer things in life
Early adopters of Bitcoin and major coin holders have long been able to get their hands on the finer things in life in exchange for some of their BTC holdings.
Luxury cars have long been synonymous with the cryptocurrency space, with a number of the most expensive vehicles on offer in exchange from Bitcoin.
Real estate is also up for sale for Bitcoin, with entry level homes to mansions in England’s Notting Hill and Miami having previously been listed with price tags in BTC.
The world of technology has also embraced cryptocurrencies, with smartphones and luxury watches being launched that either offer built-in cryptocurrency wallets and various other blockchain-enabled capabilities.