The global luxury goods market is just one of those hard hit by the coronavirus pandemic this year. With Bitcoin (BTC) experiencing a period of growth this year, crypto investors who made it rich in the last bull run appear to have spent their crypto-trading proceeds on luxury goods.
This includes a 52 foot lagoon catamaran that was recently acquired from the yacht broker in Fort Lauderdale, Florida Denison Yachting.
The catamaran, which can accommodate six guests in three cabins with their own heads and walk-in showers, has been on sale for USD 839,000. The ship was built by the French boat builder Beneteau Group and was bought with a mix of crypto and fiat.
Bob Denison, President and Founder of Denison Yachting, told Robb reports that the 52 Lagoon was bought “half in Bitcoin and half in US dollars” and that the seller was unaware that the transaction involved cryptocurrency.
“The day of closing was quicker than a wire transfer – they converted the bitcoin to dollars instantly,” Denison said, adding that the transaction was in compliance with all legal protocols, including the buyer showing a passport to verify their identity.
The latest deal marks the fifth crypto-powered yacht sale from Denison Yachting, the Florida business said in a statement.
Denison said industry players “should be ready to do whatever it takes to make transactions accessible to all customers”.
The broker said it was the first major yacht company to accept BTC for luxury charter bookings and boat sales back in 2014, and that cryptoassets were used for multi-million dollar yacht sales.
Two years later, Denison Yachting introduced its first yacht sale in crypto. In June 2018, the company’s first charter with BTC as payment was booked. In addition, the company has 8 bitcoin miners at its Fort Lauderdales headquarters.
A June 2020 study from international advice Boston Consulting Group predicts that the $ 380 billion luxury goods market could contract 25% to 45% this year due to the global downturn.
But with the spread of crypto, a new wave of buyers could try to bring their fortunes into the sector.
Learn more: Crypto Adoption In 2021: Bitcoin Rules, Ethereum Growing And Facing Rivals