According to local media reports, Emirates airlines to accept Bitcoin and NFTs as payment methods and plans to integrate them into its billing system. Adel Ahmed Al-Redha, the company’s Chief Operating Officer (COO), also stated that Emirates had hired additional employees.
The newfound team is knowledgeable about the virtual world and non-fungible tokens (NFTs) as Emirates airlines accepts Bitcoin and NFT. The tech-savvy individuals will create new apps to fulfill client demands.
Let’s look deeper into the details.
Emirates Airlines to Accept Bitcoin and NFT – Official Details
The United Arab Emirates (UAE) is advancing rapidly toward digitizing its economy and establishing itself as a worldwide crypto center. Emirates Airlines accepting Bitcoin and NFT is just a step forward in this scenario. The most recent news about Emirates’ initiative comes from Emirates, one of the world’s major airlines.
Chainalysis’ forecast in 2021, the UAE moves money about $25 billion in cryptocurrencies each year. This criterion ranked the Western Asian country third in the UAE region. Only Lebanon ($26 billion) and Turkey ($132.4 billion) overtook the UAE in 2021. Emirates will eventually be a major participant in bitcoin and digital transactions.
Notwithstanding the fall in the cryptocurrency market, Emirates announced the decision. However, at the time of publication, crypto markets were showing signs of recovery, with BTC trading at $30,743 after a 7.9% gain the previous day.
In addition to Emirates, other large companies have expressed interest in accepting cryptocurrency payments for their merchandise. Gucci, a prominent fashion brand, is among the most recent to do so. The adoption of Dogecoin (DOGE) as a cryptocurrency for Twitter’s tipping jar upon Elon Musk’s acquisition has sparked a lot of skepticism.
Meanwhile, the global crypto market hit its lowest point in history earlier this week, with Bitcoin falling below $30,000 per coin, causing panic among millions of investors. The whole global financial system fell 13%, staying around $1.37 trillion in share value, its lowest level this year. Bitcoin had dropped more than 55% from it’s all-time peak of $69,000 in November of the previous year.
Is Crypto Worth Emirates’ Grand Initiative?
After the announcement of Emirates Airlines to accept Bitcoin and NFT, many bullish investors have turned to look into the depth of the matter. Bitcoin, NFTs, and other cryptocurrencies were created to circumvent banks and middlemen. However, as cryptocurrencies grow more mainstream, banks and payment businesses have welcomed these technologies.
One of the most common criticisms thrown toward cryptocurrency is that it has no objective value for Emirates airlines to accept bitcoin and NFT. It does, after all, have the worth that different states give it. The same might be said about global fiat currencies that abandoned the gold norm long since.
For years, proponents of gold holdings have known that excessive money production will depreciate the currency. They use gold as a safe investment and keep the authorities out of their savings accounts since gold has a limited supply and has traditionally been regarded as precious.
Financial Opportunities Crypto Payments Provide
Today, around one out of every five Americans holds bitcoin, but the great majority, around 80%, would prefer to keep it in their financial institution. That’s a fantastic core demographic to pursue and fantastic business potential. Emirates Airlines to accept bitcoin and NFT had the same motive.
But what excites businesses the most is that among the 78 percent of people who don’t possess bitcoin, the majority, 51 percent, say they would if they could. In other words, most Americans’ problem isn’t with bitcoin; it’s with access.
Interest is great as some of the more than 100 NYDIG and Fiserv clients we’ve spoken with. Several others have raised their hands and said, “We’d love to be a part of this.”
We believe they are drawn to it for practical reasons. They’re attempting to recruit a younger demographic.
Why Are Businesses Making the Financial Shift?
Bitcoin is a one-of-a-kind financial asset that the world has never seen before. Considering everything, the fall, and rise in the price, businesses are still making progress towards modernization.
There are two primary drivers for businesses like Gucci and Emirates Airlines to accept Bitcoin and NFT as payment options. They’re attempting to keep customers on their networks. They don’t want to bound the customers to their financial choices or restrict their business model.
The other prime cause is that most existing bitcoin holders in the United States choose to keep their coins in a bank. There’s a sense of security about it. We wouldn’t have to be concerned about my assets being held by an untrustworthy third party.
With new digital forms of money, businesses must tackle cyberattacks, outages, technological problems, fraud risks, and incorrect algorithms. Without regulatory oversight, digital money might become a virtual haven for illegal financial operations.
For Emirates Airlines to accept bitcoin and NFT, it is necessary to put a strong framework to combat money laundering and terrorism financing in place. Digital money, on the other hand, delivers regulatory benefits such as better real-time data processing and surveillance.