UK Private Jet Company Reports Increased Bitcoin Use as Payment Option

Bitcoin (BTC) has gained more recognition as a payment system over the past few weeks, as a UK-based flight company, PrivateFly, reports that more than 20% of its revenue came from Bitcoin payments.

PrivateFly is a global private jet charter company with a recognized membership on several aviation industry bodies, including the BACA, ACANA, and EBAA.

A better look at the data showed that about 13% of all transactions in PrivateFly in January 2021 came in the form of BTC, while a slightly-lesser 12% can be seen for December 2020. This report shows that BTC use in the company has grown significantly, considering that the company was recording just 25 in BTC payments just a few months back.

The Chief Executive of the company, Adam Twidell, noted that the increase in BTC payments was likely because of the recent spike in BTC price over the past few months. However, he added that many predict more price surges for the cryptocurrency and might prefer to hold their coins rather than spend them.

PrivateFly began accepting BTC payments as far back as 2013 when a customer, who happened to be a tech entrepreneur, flew from Brussel to Nice and paid using the primary cryptocurrency. The company has now set up a new membership program that helps travelers deposit BTC in a holding account and get charged for flights based on the existing value of the asset at the time of booking.

Key BTC Levels to Watch — February 21

Bitcoin continues to maintain its aggressive bullish momentum, despite many calls that a sharp correction was just around the corner. The benchmark cryptocurrency is trading within a converging channel, as bulls now set their eyes on the $60k psychological resistance, following the recent decimation of the $50k barrier.

That said, we expect BTC to consolidate a bit between the $54k level and its recent all-time high at $57,500 before trodding along to the $60k mark.

Meanwhile, our key resistance levels are at $57,500, $59,000, and $60,000. While our key support levels are at $54,000, $52,500, and $51,000.

Total Market Capitalization: $1.75 trillion

Bitcoin Market Capitalization: $1.07 trillion

Bitcoin Dominance: 61%

 

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