2021: How Private Aviation Connects With The Financial Behavior of Crypto Users
Private jet providers analyze how a shift in financial awareness has increased the number of cryptocurrency users worldwide, also impacting the private aviation market.
Opinion by Monarch Air Group & Luxury Society Asia
We live in an era where safety is paramount. Online and offline. The pandemic has shown us that safety is the most coveted aspect in our lives today, and that reducing uncertainty by means of less exposure to the virus is in our best interest. This, for instance, has been a major variable for the increased demand in private jet bookings during the past six months, with passengers seeking a secure means of transportation, with far less touchpoints than commercial aviation.
That sense of a more controlled environment can also be applicable to cryptocurrency. Safety aside, for crypto users today it is more about ownership and command without intermediary disruption, less depending on third parties and taking a sense of pride in managing the overall narrative.
That behavior has boosted the use of cryptocurrencies in various industries, most lately the private aviation market. Monarch Air Group, a private jet provider based in Fort Lauderdale was one of the first in the industry to start accepting cryptocurrencies as a payment. What drove the company to explore this option in 2017? “In an industry that thrives in customization and experience, granting the client with more options that adapt to their needs for an improved flight, has always been our commitment”, said company president David Gitman.
Safety, speed, and reliability as common traits
Connecting both worlds, crypto and privation aviation, with the same language is vital. The concept and overall understanding behind currency as we know it is changing, and those eager to accept this trend from a business standpoint, will be in a better position to succeed. Safety and flexibility are the main traits that the two segments mutually offer users.
Quickness and security when booking a jet, typically a large amount transaction, are one of the main traits that cryptocurrencies have to offer. This presents an ideal environment for all parties involved; the provider can receive payments with no intermediaries and clients will have the transaction handled in minutes.
Passengers expect charter providers to be as agile as their startups and businesses. Time management is this sector’s main asset, with a swift boarding process and the possibility to land at the terminal that is closest to destination, thus saving time in ground transportation. In essence, private aviation thrives in a modern ecosystem where time is paramount.
Modern private jets and top infrastructure are important and add value, but a slow business model will not go the distance. Technology, flexibility, and a proactive vision towards the future will. Being able to pay for a flight on the spot with cryptocurrencies is an open invitation to a whole new realm of customers, and only those private aviation providers willing to adapt will get a piece of the crypto pie, like Monarch Air Group, which has been an industry leader since 2017.
