Denison Yachting, a Yacht dealer, based in Florida, has announced that it has begun to accept payment in bitcoin for its range of high-end luxury yachts. Announcing on February 16, 2018, the company stated that apart from bitcoin, it will also accept payment in ether, bitcoin cash, as well as Tron. This announcement comes in the wake of the popular Miami International Boat Show which began February 15, 2018.
Catering to the Crypto Market
With this announcement by Denison Yachting, the list of luxury items that can be bought using cryptocurrencies has been expanded.
Speaking on the plan, Bob Denison, founder, and president of the company said that it is the responsibility of dealers and brokers to simplify the purchasing process. Part of this simplification process comes from understanding the times and the unique dynamics of the modern-day commerce market.
He went on to say that accepting crypto payments is a way of bringing the market closer to prospective clients. The emergence of bitcoin and other cryptocurrencies has created a new class of millionaires who might not conform to the spending patterns of older generations.
Denison, himself an active cryptocurrency supporter, is not ignorant of the risk involved with accepting such payments for luxury items that cost millions of dollars. Commenting on the volatility of the market, the boating president expressed optimism that the market will eventually stabilize once there is more significant adoption of cryptocurrency commerce in the mainstream market.
The company, Denison Yachting has been accepting cryptocurrency payments since it got approval by BitPay in 2014. During this period, however, they have made a total of three bitcoin-based sales of their boats. The transactions were facilitated by converting bitcoin into fiat which is the popular method used by many bitcoin merchants who prefer to convert bitcoin into fiat immediately.
According to Bob Denison, the company is attempting to develop means to conduct profitable end-to-end cryptocurrency transactions with potential customers. This current offer sees the Hatteras M90 Panacera fiberglass yacht up for sale at a price of 900 bitcoin. Based on the current price of bitcoin, the total cost is about $10.4 million.
(Source: Worth Avenue Yachts)
Speaking to CNBC, Bob Denison stated his belief that opening up the yacht sales market to the cryptocurrency community will help to attract a new breed of customers. Further, Denison indicated that the move would help to correct the misconception that bitcoin and other cryptocurrencies were only useful for anonymous transactions.
This view has created a negative image of cryptocurrencies by framing them exclusively as enablers of illicit activities. With bitcoin being used to make purchases in the public sphere, people will come to understand that anonymity isn’t all there is to bitcoin and other cryptocurrencies.