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UNDERSTANDING HOW CRYPTOCURRENCY MIGHT AFFECT YOUR BUSINESS
Digital currency has expanded across industries and yet , many don ’ t fully understand it . An analyst shares what travel advisors should know about this new form of payment
WORDS / RUTH TERRY
If your head spins when you hear about cryptocurrency , Bitcoin or blockchain , you ’ re not alone .
But what was once a developer ’ s hobby is becoming more mainstream : According to NerdWallet , in just over a decade , crypto now represents a 970 million dollar market of 20,000 different cryptocurrencies that people can buy , sell and trade as investments and use to pay for goods and services — including some travel experiences . According to intelligence firm Morning
Consult , travel is “ ripe for payments disruption ” from nontraditional payment methods like cryptocurrency .
Around 34 million Americans own crypto , according to Insider Intelligence . But many of us still don ’ t quite understand how it works — much less how to use this method of payment to travel .
To understand how crypto works and why advisors should care , we asked Norman Rose , a crypto expert analyst with Phocuswright , to break down what we should know .
Norman Rose
28 / THE COMPASS / FALL 2022 vaxvacationaccess . com / thecompass