Virgin Voyages, the cruise line created by Sir Richard Branson, has joined the list of companies that accept Bitcoin (BTC) for payment for services. This step taken by the company is revolutionary as it makes the company the first to embrace the use of cryptocurrency in the travel industry.
Travelers can now pay with Bitcoin for cruises aboard Virgin Voyages’ ships, including the upcoming “Annual Pass.” The Annual Pass allows travelers to book a cruise as many times as they wish in a year. At $120,000, excluding taxes and fees, the pass provides access to premium sea terraces. The acceptance of Bitcoin is in line with the company’s effort to target young travelers who use cryptocurrencies due to their ease and accessibility.
The company’s current fleet, which consists of ships such as Scarlet Lady and Valiant Lady, targets millennials with shorter itineraries and focuses on the Caribbean and modern facilities and features onboard. Accepting Bitcoin payments makes it even more attractive to millennial and Gen Z travelers. While other travel platforms such as Travala have allowed for cryptocurrency booking for hotels and flights, Virgin Voyages is the first to introduce the same for cruises.
Bitcoin’s increasing institutional interest
Virgin Voyages accepting Bitcoin is timely given that the cryptocurrency is celebrating a year of major achievements. There has been heightened institutional interest in Bitcoin as big-name institutions such as BlackRock and Fidelity are backing spot Bitcoin ETFs. This institutional acceptance has made Bitcoin gain credibility as a mainstream investment commodity.
Also, firms such as MicroStrategy have remained aggressive in their Bitcoin buying spree. The firm purchased 15,400 BTC for $1.5 billion recently. The company now owns 402,100 BTC, which is approximately 2% of all the BTC in the market. MicroStrategy’s holdings are currently worth $38.2 billion at the current price of $95,000 per token.
Likewise, Bitcoin mining company MARA Holdings (MARA) has also joined the accumulation bandwagon. During the month of October to November MARA purchased 6,484 BTC for a total of $618.3 million. As of November 30, the total amount of Bitcoin held by MARA was 34,959 BTC, worth $3.3 billion.
At the national level, countries are considering using Bitcoins. El Salvador is still persistently buying Bitcoin and in the United States, the discussions are steering around President-elect Trump’s idea of having Bitcoin reserves. Meanwhile, Poland and Suriname are working to establish Bitcoin as an essential asset for their respective countries.
From Zero to Web3 Pro: Your 90-Day Career Launch Plan
