Bitcoin Hits $42k And You Can Pay Your Summer Vacation In Crypto

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Last Updated on 1 August 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin is trading around $42k at the time of writing Sunday morning, helped by Asian investors who see it as a hedge and a US Fed who’s hinting it might stop it’s bond purchasing program.

Meanwhile as July changed into August and Europeans enjoyed their second month of school summer, more and more travel companies could be seen accepting crypto. With Generation Z and the iGen going off on holidays without their parents, many are exchanging their winnings in Bitcoin and Dogecoin for a flight abroad or a nice hotel stay. Travel companies in return are accepting more and more coins.

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FED tapering winds down

Whereas two weeks ago, some Wall Street analysts foresaw the world’s biggest cryptocurrency to reach $20k soon, by now it is trading at $42k again, with Bitcoin maximalists already calling for $50k by half August.

It comes as Asian investors find crypto once again as a hedge against falling stock markets (as the Chinese government moved against more sectors like private tuition and tech) and US investors need several safe havens (of which Bitcoin remains one) as the FED announced this week it would shortly be winding down its bond buying program, known as tapering (at which point stock markets could fall).

Travel companies accept crypto coins

Back in April already, European airline Air Baltic started accepting Dogecoin and Bitcoin for millennials wanting to purchase tickets, and soon after airfare website Cheapair.com and Richard Branson’s Virgin Galactic jumped on board as well. By now, as the summer is well underway and tours and activity booking site GetYourGuide is expanding in the US, the site started accepting Dogecoin and Bitcoin for any type of accommodation as well.

With trading app Robinhood explaining that some 30% of its revenue comes from crypto, it is no wonder that younger generations are now spending their winnings on travel. With Bitcoin, Ethereum and Dogecoin all showing healthy gains this year, Johannes Reck, CEO and co-founder of GetYourGuide, admitted that cryptocurrency transactions “will really matter for travel.”

People want to put their crypto back into the system and travel is one of the biggest categories there is. We take dogecoin now into the real world; you can apply it and actually get a real-world, kinetic experience.

niphon / Depositphotos.com