With the widening acceptance of cryptocurrencies, luxury service providers are slowly opening up to the same. Denison Yachting, a Florida-based yacht dealer announced on Friday that it will accept cryptocurrencies in exchange of their high-end yachts during the Miami International Boat Show.
Bob Denison, the founder and president of Denison Yachting stated that:
“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. 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.”
Buyers can avail of their digital wallet holding Ethereum, Bitcoin Cash and Tron for making purchases. The inherent volatility of cryptocurrencies paved the path for a major market correction in the beginning of 2018. This caused the price of Bitcoin to plummet from its record highs of $20000.
Denison however holds the view that:
“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 [transactions like this] happen the less crazy it will sound.”
It is imperative to note here that Dr. Wei Tzuoh Chen had placed his 9000 square foot beachfront Malibu home for sale last year for $45 million. He had also agreed to accept Bitcoins as a payment mode. But just one month later, the price of Bitcoins stumbled down the price ladder to below $10000 figures.
Life In A Yacht
Cryptocurrency enthusiast Denison started with his digital investments one year back and has since then developed small holdings in Ethereum, Bitcoin, Litecoin and Bitcoin cash. The proud owner of a Bitcoin miner claims Tron to be his personal favorite cryptocurrency.
While describing his life with a yacht, Denison states that:
“Oftentimes people have misconceptions about yachting, that it is a 1 percenter thing, that it is a bunch of sipping rose all day. In reality, yachting looks a heck of a lot more like enjoying time with your family on the water. You will find yourself putting your phone down and connecting with other people. The whole experience is a lot different than people not in yachting probably think it is.”
He is hopeful that this new collaboration will set the stage for further possibilities as newer customer’s avail of cryptocurrency payment mode.
The company received an approval from BitPay in 2014 allowing Denison Yachting to offer cryptocurrency transactions to masses. Initially they got three Bitcoin investors who agreed to purchase their boats by converting their cryptocurrency holdings into accepted currencies.
Denison is presently holding end-to-end conversations along with customers who are trying to conduct cryptocurrency transactions on a similar platform. He shall be promoting the Hatteras line of sport boats and yachts in the Miami Boat Show expected to be carried on till February 19th, Tuesday.
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Tarunima Ghosh Laha is a Finance Post Grad from St. Xaviers who believes Finance is more than just Balance Sheets and Ledger creation. This filmy bookworm who believes she was a sloth in past life also nourishes a penchant of owning a private zoo someday. Equipped with a laptop and online Lexicon she is all set to give finance a glamorous makeover in the form of exciting writeups with bang on info and flashy new words.