Cryptocurrency has become something of a buzz word over recent years, with the likes of Bitcoin, Ethereum and other popular alt-coins having slowly but surely made their way into our daily vocabulary and in many cases, our very own crypto wallets.
Despite once being seen as little more than a passing fad, today, crypto trading is more popular than ever, and everyone who is anyone seems to dabble in the markets in a bid to make some long-term gains, no matter how inexperienced they are. The popularity of platforms like BitIQ App, which allow users to make deposits and trades in minutes from the convenience of their smartphones, speaks volumes, and even the ongoing global economic pressures don’t seem to have put them off.
In response, the luxury market has been quick to adapt and to embrace cryptocurrencies as a means of payment for their goods and services, with Air Baltic paving the way for buying your first class flights in Bitcoin and the like when it began accepting digital currencies as a means of tender back in 2014, closely followed by Alternative Airlines.
Then, travel website Expedia and luxury travel concierge service Travala made history by beginning to welcome bookings for hotels and accommodation made in crypto – and since then, a host of other high-end travel companies have followed suit.
Luxury hotels and resorts were a little slower to embrace the concept, but unsurprisingly the Maldives – playground of the rich and famous and home to some of the most opulent resorts and breath-taking beaches in the world – was first past the post when it comes to accepting direct bookings made in crypto, as well as allowing guests to spend from their digital wallets throughout their stays. And luxury hospitality pioneer Soneva, is one of the leaders of the pack, extending the scheme not just across its resorts in the Maldives, but also in Thailand.
Both Bitcoin and Ethereum are now being accepted at the high-end Maldives resorts of Fushi, Jani and Aqua, as well as the Kiri resort in Thailand, and Soneva has even announced a brand new Soneva Villa Ownership scheme alongside it that will allow foreign buyers to purchase real estate in the Maldives using crypto.
In order to offer the option to hotel guests and property investors alike, Soneva has partnered with cryptocurrency payment solutions provider TripleA along with payment platform provider Pomelo Pay, and so far, it has received a great response from the wealthy jetsetters and crypto millionaires who frequent its resorts.
The brand considers itself an industry pioneer, and it is expected that other luxury resorts and hotel groups will now be scrambling to keep up and remain at the front of mind for regular guests, as well as continuing to pique the interest of new ones. There’s no denying that whether or not a resort accepts crypto in 2023 could be the deciding factor for guests choosing where to spend their holidays, and those that fail to keep up could pay a hefty price if they fail to meet demand.
Soon, booking every aspect of your luxury getaway could be done using your crypto fortune as a matter of course if you so wish, although as a whole, it’s fair to say that the travel industry is behind when compared with the likes of the luxury fashion and car industries, which have increasingly made moves to embrace all types of digital currencies over recent years.
Whilst big players like Bitcoin and Ethereum are always the first to receive recognition from retailers and service providers, increasingly, the demand for being able to make payments using alternative coins like Binance and Cardano is forcing them to broaden the options they offer to make using almost any kind of crypto in transactions quick and easy for customers.
It’s easy to see why cryptocurrencies have become so popular as a means of paying for goods and services online; transactions are instant, and often, there are zero fees attached for providers, which cannot be said for other means of payment like credit and debit card. Not only that, but payments in crypto are extremely secure and offer customers complete privacy thanks to their decentralised nature.
