Home

Products

Institutions

Resources

Company

Language

Download

Amber Group logoAmber Group logo

Home

Products

Institutions

Resources

Company

Sign Up

Download

En

Home / Market News / 

Bitcoin Trading Will Become a Trend, U.S. Company Accepts Bitcoin as Payment for Luxury Aircrafts

Bitcoin Trading Will Become a Trend, U.S. Company Accepts Bitcoin as Payment for Luxury Aircrafts

NB

news Bitcoin | 2020/09/16

US Company Accepts Bitcoin Payments for Luxury Planes, as $40M Gulfstream Jet Goes on Sale

Aviatrade Inc., a New Jersey-based aircraft sales company, is now accepting bitcoin as a means of payment for its range of multi-million dollar luxury jets.

 

Philip Rushton, president of Aviatrade, told news.Bitcoin.com that the first plane available for purchase via cryptocurrency is a six-year-old Gulfstream G650ER, which went on sale a couple of weeks ago.

 

The private jet, Gulfstream's existing flagship, is selling for $40 million. Billionaires Jeff Bezos and Elon Musk are some of the noteworthy owners of this plane model, reports note.

 

Rushton revealed that cash-based sales for expensive luxury aircraft are subject to stringent governmental restrictions, but bitcoin, in its generic form, presented a way around this. He hopes that such characteristics could be useful in attracting high-end, international buyers.

 

"The reason we are doing it (accepting BTC payments) is because there are countries such as Brazil, Saudi Arabia, anywhere in Asia, especially China…that don't have easily accessible currency and they have cross-border currency transfer issues," said Rushton, by telephone. He added:

 

We see this blockade. There are ways to bring money out of China but it's not always easy and, of course, the buyers of these aircraft don't want to be transparent. So we can move the money out via bitcoin….We are aware that last year alone China spent $54 billion of BTC buying assets – apartment buildings, boats, houses etc – we are jumping onto that bandwagon and offering the same opportunity for buyers of these jets at the high end.

 

Aviatrade, which started trading aircraft in the 1980s mostly through barter, will not directly receive the crypto from a buyer. The firm is working with an unnamed bitcoin payment services provider who converts the digital assets into cash. According to Rushton, Aviatrade is the "key to valuing the aircraft, providing the selling process, and interacting with the bitcoin payment provider."

 

"We don't trade bitcoin for bitcoin, or ethereum for ethereum," he explained. "We actually interact with the bitcoin payment provider who will eventually produce fiat into an escrow account on behalf of the buyer and seller. The buyer puts it in, the seller sees cash come out and the bitcoin payment provider takes their fee and we are compensated by either buyer or seller."

 

The G650ER is the largest aircraft currently in service by U.S. manufacturer Gulfstream. With a 7,500 nautical mile range, the plane is also the company's long-haul leader, a favourite with intercontinental flyers keen to avoid refuelling stops.

 

Business Insider reported that the plane "has spent time in New Zealand and Asia but is now returning to its birthplace at Gulfstream's headquarters as it undergoes routine inspections and awaits a new owner." The private jet can accommodate 14 passengers.

 

Original title: US Company Accepts Bitcoin Payments for Luxury Planes, as $40M Gulfstream Jet Goes on Sale


Disclaimer

 

The views expressed in this article are the author's own and do not necessarily reflect the view of Amber Group. Amber Group shall not be held liable under any circumstances for any losses, damages or expenses arising from the use of any content mentioned in this article.

 

The information contained on this website is provided for informational purposes only, with no warranties, or guarantees made as to the accuracy, completeness or timeliness of it. Amber Group assumes no liability or responsibility for any errors or omissions in the information contained on this site. We strongly encourage you to conduct your own research before taking any action.

 

This site may contain copyrighted material, the use of which has not always been specifically authorized by the copyright owner. If you wish to use the copyrighted material from this site for the purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Authors or publishers who claim ownership of copyrighted articles reprinted on this website and wish for the content to be removed may email us directly at official.accounts@ambergroup.io

 

If you would like to connect with us about any of the distributed content or other inquiries, please email us at official.accounts@ambergroup.io with the relevant documentation.


View Original Article >

Most Popular
The New Mate 40 Is Equipped with Digital Currency Wallet
China’s digital yuan looks closer than ever to launch with the news that Huawei will be supporting the central bank digital currency (CBDC) on an upcoming range of phones.
US Fed Is Broading Its Research on CBDC to Explore its “Intrinsic” Value Drivers
Fed economists are beginning their deep dive into CBDC research, hoping to identify the "intrinsic" value drivers of a digital dollar.
The Digital Yuan Pilots Have Processed $300M So Far According to PBoC Offical
China’s digital yuan pilot program is picking up speed.