Use Bitcoin to Buy Your Next Yacht

Denison Yachting decided to open the Bitcoin option following requests from several customers.

“Bitcoin does a lot of things that are really unique in terms of efficiencies. One of them was privacy and security for the person that owns the bitcoin currency,” Bob Denison, president of Denison Yachting, said. “It also allows buyers to send money any day at any time of the day, so there are no physical restrictions, like a bank not being open.”

Denison expects that bitcoin purchases will be handled through the yacht brokerage’s three offices on the West Coast in California and Washington. “It’s just a matter of time before someone from the target market buys a boat with bitcoin,” Denison said.

Bitcoin is the latest payment option offered by Dension Yacht. Last year, the yacht brokerage opened a multi-currency account that accepts about a dozen different currencies including euros, Japanese yen, and British pounds. These options allow buyers to put payments into Denison Yacht’s escrow account where the funds are safe from fluctuations until the purchase or sale is completed.

“That process just added a huge value to people that wanted to buy boats outside of the States and it became really cool for people who wanted to sell their boats to international clients,” Denison said. Contracts are executed in the local currency of the seller. For example, if a boat is for sale in Palm Beach County the buyer will likely want U.S. dollars. The funds are transferred to Denison Yachting’s escrow account where they stay until the purchase is completed, at which point the currency is exchanged. If the buyer doesn’t end up buying the boat, the funds are returned in the same amount.

With bitcoin, there are two distinct disadvantages — volatile fluctuations in prices and a restricted lender list, Denison said. While Denison Yachting can’t protect users from fluctuations, the brokerage sees this as yet another way to make purchases easier for a wider variety of customers.

“For us, it’s just providing ease of use for our clients,” Denison said. At the time of publication, there hadn’t been a bitcoin purchase with Denison Yachting. But it’s only day two.

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