According to a recent report by the Financial Times, high-end cruise operators and private jets are now embracing digital currencies to capitalize on growing demand from crypto's nouveau riche.
FXAIR, which offers premium private jet flights starting from $6,500 per hour, is among the companies that are welcoming crypto-savvy clients, the FT says.
Last year, Virgin Voyages became the very first cruise line to start accepting Bitcoin.
Luxurious hotels as well as yacht clubs are also jumping on the crypto trend to attract young cryptocurrency millionaires and even billionaires.
Number of crypto millionaires
It is rather challenging to determine the exact number of cryptocurrency millionaires due to the pseudonymous nature of crypto.
Last August, however, CNBC reported that there were roughly 172,300 individuals around the world holding more than $1 million worth of crypto. There were also more than 300 crypto centi-millionaires and 28 crypto billionaires, according to the report, which cites data from New World Wealth and Henley & Partners.
The total number of cryptocurrency millionaires has likely grown significantly over the past year, given that the Bitcoin price has experienced a significant rally, recently hitting a new record high of $124,128.
Growing luxury travel segment
According to McKinsey, luxury travel spending is expected to top $54 billion three years from now.
In fact, demand for this segment is expected to grow at a faster pace compared to any other industry segment.
Ultra-high-net-worth individuals whose net worth exceeds $30 million tend to prefer remote destinations that are accessible via private airports.
Notably, the vast majority of the luxury travel market (roughly 80%) is now made up of people who are younger than 60.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team