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Aviatrade, a US-based aircraft sales company begins accepting BTC

on Sep 15, 2020
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  • The firm is selling an upgraded 2014 Gulfstream G650ER for approximately 3,750 BTC.
  • According to the firm’s CEO, crypto payments will help circumvent cross-border restrictions.
  • Before Aviatrade, Kaizen Aerospace firm begun accepting crypto payments in June.

Aviatrade, a US-based private aircraft sales firm, is now allowing its customers to purchase any of its multi-million-pound jets using BTC. A report unveiled this news on September 13, noting that the company is selling an upgraded 2014 Gulfstream G650ER for £31.1 million, approximately 3,750 BTC at the time of writing. Reportedly, several billionaires including, Amazon’s CEO, Jeff Bezos, and Tesla CEO, Elon Musk, own the same model, which has a traveling range of 7,500 nautical miles.

Explaining why Aviatrade decided to start accepting crypto, the firm’s CEO, Philip Rushton said,

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“The use of cryptocurrency has soared in developing countries with unreliable currency and the wealthy are also turning to virtual wallets when making high-level purchases. Using cash to buy a plane would be subject to cross-border restrictions for some countries, especially when the purchase price for this Gulfstream is $40 million.”

The company also updated its website to state that it accepts Bitcoin as payment for all bizjet (business jet) purchases.

Apart from the Gulfstream G650ER, Aviatrade has 13 other aircraft that crypto whales can purchase using BTC. These include two Bombardier Global 7500s. While the firm does not list specific prices for its business jets, the Bombardier Global 7500 was valued at £56.42 million (more than 6,800 BTC) as of June last year.

Increasing BTC adoption in the aircraft sales space

While this is a bullish move by Aviatrade, it is not the first firm in the aircraft sales sector to start accepting BTC payments. In June this year, the CEO of Kaizen Aerospace, Fabrizio Poli announced that the firm would accept payments in BTC among other crypto coins. He made this announcement during an interview with Bitcoin Educator, Andreas Antonopoulos, noting that this move meant Kaizen’s customers would be able to pay for cargo and charter services or even to purchase private jets using cryptocurrencies.

Comparing the sales of multi-million-pound aircraft to the time he sold a Mini Cooper for crypto, Antonopoulos said,

“They did a quick test drive. By the time they came back, I signed the title and had perfect certainty that the money I received was real, unforgeable, and that it was fully mine and could not be taken back, so it made that kind of transaction very easy. I can see that easily translating into the purchase or sale of an aircraft.”