Whales can use Bitcoin to buy private jets

15 Sep 2020

A private aircraft sales firm is permitting customers to use Bitcoin to purchase their multi-million-dollar planes.

As per a report this week from Business Insider, United States-based Aviatrade is selling an upgraded 2014 Gulfstream G650ER for $40 million, equating to approximately 3,750 Bitcoin at the time of the report.

Amazon CEO Jeff Bezos and Tesla chief Elon Musk reportedly both own this same aircraft, which has the capability to fly the distance between LA and Sydney.

According to Aviatrade: "We accept Bitcoin as payment for all bizjet [business jet] purchases.”

President of the company, Philip Rushton stated that buying a private aircraft using traditional fiat currency would be impacted by cross-border restrictions, whereas cryptocurrencies have less stringent regulatory demands. 

Aviatrade also sells another 13 private business jets, including two Bombardier Global 7500s. As at June last year, these are worth $72.8 million, or more than 6,800 BTC, reports Cointelegraph.

The U.S. company is not the first to accept cryptocurrency as payment. In June, the chairman of Kaizen Aerospace, Fabrizio Poli said in an interview with Bitcoin educator Andreas Antonopoulos that his firm would “take payments in Bitcoin and other cryptocurrencies” for charter services or to purchase a jet.

Antonopoulos compared the sales of aircraft for millions of dollars to when he sold a Mini Cooper for cryptocurrency: “They did a quick test drive. By the time they came back, I signed the title and had perfect certainty that the money I received was real, unforgeable, and that it was fully mine and could not be taken back, so it made that kind of transaction very easy. I can see that easily translating into the purchase or sale of an aircraft.”