The global appetite for cryptocurrency is continuing to grow, and with an estimated 135 million holders of Bitcoin around the world and an average of 300,000 Bitcoin transactions taking place every day, the luxury world has had to adapt quickly in a bid to keep up with the ever-increasing demand for crypto payments.
Trading platforms like Bitiq are reporting a dramatic spike in the number of new sign-ups over the past couple of years, with even complete novices eager to get involved with cryptocurrency investment, but the world’s finest luxury resorts have taken their time to add cryptocurrencies to their lists of payment options, both on site and when booking online. In 2022, however, we’ve seen a growing number begin to finally make the hotly anticipated move and join the ranks of those who initially paved the way for change, and it isn’t a moment too soon.
Just this month, the opulent Palazzo Versace Dubai – a five-star hotel and resort located in the sophisticated Culture Village by Dubai Creek in the UAE, began accepting crypto payments via Binance for dining, stays and spa experiences alike. Located on Dubai’s stunning Jaddaf Waterfront, parent company Palazzo Hospitality has expressed its desire to be seen as a pioneer of innovation and growth in the hospitality business. This latest move, which aims to future-proof the business, allows guests to take advantage of the new option via its eCommerce platforms as well as at the property itself by spending their Bitcoin, Ethereum and a host of other alt coins on luxury experiences.
Last month, luxury resort chain Soneva, which counts sought-after properties across the Maldives and Thailand amongst its repertoire, also announced it would be accepting Bitcoin and Ethereum for payments. The option is now available at Soneva Fushi, Soneva in Aqua, both located in the former, where crypto can even be used to obtain Soneva Villa ownership in the first and only scheme to offer real estate to foreign buyers in the Maldives. And in Thailand, guests at the Soneva Kiri, in Koh Kood, can also use their crypto wallets to spend.
Soneva has partnered with payments provider TripleA and payment platform Pomelo Pay to bring its vision to life, and it’s a move that is already going down well with guests and luxury property investors alike. Allowing them to make payments without any risk of price volatility by offering locked-in exchange rates, real-time conversions and no chargebacks, it’s little wonder that this instant and secure means of payment is appealing to crypto holders with fortunes to spend, and Soneva has placed itself well ahead of many of its competitors by being one of the first to adapt to demand.
Even so, both Soneva and Palazzo are somewhat late to the party when compared with Switzerland’s 175-bedroom Dolder Grand, in Zurich, which paved the way for other luxury properties around the world to embrace crypto when it became the very first to do so back in 2019. Switzerland, in fact, has been one of the fastest nations to adapt and is home to a number of luxury properties that have been welcoming crypto payments for some while, with the rest of the world taking its sweet time to catch up.
While for many, the moves currently being made in the luxury travel world are all about time, there’s no denying that the options for cryptocurrency investors and traders are growing. Holders of Bitcoin, in particular, are enjoying a host of new opportunities to put their share of the world’s largest digital currency to good use. In fact, it’s not just high-end hotels that can be booked and paid for in the coin, and you can now plan an entire luxury trip without the need for fiat currency.
Airlines including Alternative Airlines, Air Baltic and luxury tour operator Travala, which offers lavish experiences in over 230 countries, also accept Bitcoin as a means of payment for flights and trips – and with others expected to follow suit over the coming months and years, the world will very soon be your oyster.
Could cash and credit cards soon become a thing of the past when it comes to luxury travel? It certainly seems possible, and the added security and fraud protection, as well as minimal fees, offered by crypto payment providers is an attractive prospect for most. It could be some while before crypto payments become the mainstream, and even longer until they become the sole option offered – but as we move further and further into the digital world, it seems more conceivable than ever before.
