First Malibu mansions, next ultra luxurious yachts.
The ways in which cryptocurrency enthusiasts can spend their virtual riches is growing, if only for those who are millionaires — at least on paper.
As bitcoin and other digital currencies gain a broader following, luxury service providers are starting to take notice. The latest is Florida-based yacht dealer Denison Yachting, which on Friday announced that new, high-end yachts can be purchased with bitcoin and a few other cryptocurrencies at the Miami International Boat Show, which kicked off this week.
“It is our job as the dealer or broker to make purchases as easy as possible. So for us this is just another effort to come to where the client is,” said Bob Denison, president and founder of Denison Yachts. “Sometimes my friends on the dock act like this is a marketing gimmick, but we’ve actually gotten results from it and I truly believe in it.”
Potential buyers can make purchases with their digital wealth, including bitcoin cash, ethereum and Tron, a lesser known cryptocurrency developed by former Ripple advisor and entrepreneur Justin Sun.
Cryptocurrencies, of course, have been on a wild ride of volatility, with bitcoin off sharply from a record high near $20,000. Does that make people like Denison unwise to accept it as payment? He certainly doesn’t think so.
“Inherently there would be a little bit of a risk, but I truly believe in the future of cryptocurrency and I truly believe it will stabilize. The more [transaction like this] happen the less crazy it will sound,” he said.
Last year, Dr. Wei Tzuoh Chen put his 9,000-square-foot beachfront Malibu home on the market for $45 million, and explicitly stated he was willing to accept bitcoin as payment. A month later, the crytocurrency began a brutal selloff that briefly dragged it below $10,000.