01 Nov Crypto Users Charter Heavier Private Jets in Contrast to Industry’s Light Jet Trend
Fort Lauderdale-based private jet provider Monarch Air Group compares the types of aircraft booked by regular passengers as opposed to those chartering via cryptocurrencies.
Fort Lauderdale.- Chartering a private jet using cryptocurrencies. Yes, this is a thing. And it adds to the countless services you can acquire using digital currency. Actually, some leading private jet companies like Monarch Air Group have offered this possibility since 2017, due to a spike of requests by their clientele. Booking a private flight is easy and using crypto to get to your next destination takes that experience to the next level.
Private jets booked with cryptocurrencies
Crypto users are not following the industry trend of flying on lighter jets during the pandemic. In fact, in Monarch Air Group’s top 5 list of most chartered aircraft, heavy jets, usually seating up to 19 passengers, account for 26% of preferences for private flights chartered with cryptocurrencies. The other 74% is comprised of super mid-sized jets (10 to 12 seats), which are still a larger option as opposed to the overall global market.
On the other side of the runway, regular bookings have two light jets (40%) and three mid-sized jets in the top 5. This is flawlessly aligned with the global trend of chartering lighter jets during the pandemic, because of international travel restrictions due to the pandemic. The previous has led to an unprecedented increase in domestic private jet flights in the U.S., even surpassing pre-Covid levels, which explains the passenger’s inclination for smaller aircraft due to shorter routes.
“We have seen a spike in heavy private jet bookings using cryptocurrencies in the past two months, as opposed to regular bookings of light and mid-sized aircraft. Crypto users are not following the industry’s overall private jet trend of chartering smaller jets for shorter routes, evidencing that they have unique expectations and behavior regarding how they choose to fly private”, says David Gitman, President of Monarch Air Group.
Where do passengers using crypto travel? As recently reported by Monarch Air Group, 50% of all their chartered flights using digital currencies have been domestic this year. For international flights, the U.S. only records one top route as the departure country. Accounting for 40%, these top connections are U.S. – The Bahamas, United Kingdom – Costa Rica and Dominican Republic – The Bahamas, while 10% had Asian destinations. When compared to regular non-crypto flights, almost all of operations have been domestic, aligned with the Covid-19 restrictions.
Cryptocurrency consumer behavior
Those chartering a flight using cryptocurrencies are not following that trend, chartering even heavy jets to their destinations, as stated previously, a mix between domestic and international travel. Passengers paying with crypto are seeking a new level of customization for their private travel experience, usually a high-volume transaction, therefore chartering with speed and security only adds value to the process.
It is expected that international private jet travel will regain its shape in the upcoming months if the pandemic continues a controlled path, until then, private jet crypto fliers will continue separating from the trends in the industry, chartering different aircraft and going to diverse destinations. In a way, their early adoption mentality will continue to drive their unique agendas, with private aviation as the vehicle.