Story ID: 
PrivateFly Creates Bitcoin-based Member Program
By: Jerry Siebenmark
Caption: PrivateFly's new Bitcoin Jet Account comes follow a double-digit increase in the use of cryptocurrency to pay for flights.
Word Count: 214
Noting an increase in the purchase of flights with Bitcoin, European charter broker PrivateFly has developed a Bitcoin-based private jet membership program that will allow users to hold their Bitcoin in an account to pay for future flights. The UK-based company’s Bitcoin Jet Account comes after two consecutive months of double-digit growth—12 percent in December and 13 percent in January—in Bitcoin use for charters.

“While we have accepted Bitcoin payments for many years now, cryptocurrency transactions have really taken off in recent months,” said PrivateFly CEO Adam Twidell. He added that Bitcoin’s climb in value in recent months has led to its increased use by some fliers who want to cash out on their gains at PrivateFly, which began accepting Bitcoin as payment in 2014.

But “others want to hold onto their cryptocurrency in expectation of future increases,” Twidell said. “So, in addition to taking out a membership with us in Bitcoin and converting the account funds into traditional currency…we now offer a membership program that allows the account funds to stay in Bitcoin.”

Until December, Bitcoin payments for flights accounted for 1 to 2 percent of total flights through PrivateFly. With their increase in use since then, Bitcoin represented 19 percent of PrivateFly’s total sales.