The Fort Lauderdale-based private jet provider sheds some light on the consumer behavior of the passengers that have chartered an executive flight using cryptocurrencies during the pandemic.
FORT LAUDERDALE – It is no mystery that top private jet providers worldwide accept different cryptocurrencies to charter their flights. Companies like Monarch Air Group have allowed clients to fly to any destination using cryptocurrencies since 2017. Nevertheless, little is known regarding what the preferred routes and type of aircraft are being booked by clients using this payment method. Until now. Monarch Air Group shares their top 5 routes and aircraft booked with crypto during 2021.
Before getting to the facts, it is important to acknowledge the present state of the private aviation industry. Still, in the midst of a pandemic, the segment is relying heavily on domestic flights, registering record numbers in the U.S. market, even higher than pre-Covid levels (early 2019).
International flights have decreased, as expected, due to travel restrictions and evolving global sanitary conditions. The previous has resulted in increased bookings of smaller aircraft, specifically light and midsized jets due to shorter domestic routes. Are those chartering private jet flights via cryptocurrencies following this trend? Spoiler alert: not entirely.
Routes and aircraft using crypto
In regard to route popularity, Monarch Air Group’s figures state that 50% of all chartered flights using cryptocurrencies have been domestic in 2021, rather surprising when compared with normal bookings, almost entirely domestic. Unexpectedly, for international flights, only one other top route has the U.S. as the departure country. Accounting for 40%, these top connections are U.S. – The Bahamas, United Kingdom – Costa Rica and Dominican Republic – The Bahamas, all to the Caribbean, while 10% had Asian destinations.
The type of aircraft charted via cryptocurrency also differs from the overall industry numbers, with heavy jets leading the pack alongside light jets with 30% apiece, followed by midsized jets (20%), and super midsize and ultra long range aircraft with 10% of total bookings respectively in 2021.
The bottom-line? The private jet traveler that uses crypto to charter a jet differs from the norm, at least during this ongoing pandemic. While the majority of private fliers are traveling domestically, especially in the U.S., the private crypto-fueled flights are connecting international destinations and doing so on heavier jets.
Why book a private jet using crypto?
Adapting to the passenger’s needs is what makes private aviation second to none. Therefore, adding cryptocurrencies as a payment method adds a new layer of customization for travelers, one of the major expectations for those opting to travel private today. It also does not hurt that speed and security when booking a private flight, usually a high-volume transaction, are the main assets cryptocurrencies can bring to the table.
In essence, cryptocurrencies in private aviation bolster an already swift and friendly ecosystem for all players involved, providers and clients; private aviation adapts flawlessly to the fast-paced world we live in, as time management and safety have transformed into today’s coveted commodities. Not even a pandemic will alter that historic trend.
Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.
She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.