Cryptocurrencies in Travel and Tourism – Thematic Intelligence

Explore trends and insights from the following data in our ‘Cryptocurrencies in Travel and Tourism’ thematic report:

• This thematic report provides an overview of the impact cryptocurrencies have on the travel sector and seeks to understand some of the contributory factors.
• The key trends within this theme are split into three categories: technology trends, macroeconomic trends, and regulatory trends.
• Several case studies are included to analyze the multiple ways countries and companies have responded to the impact of this theme’s growth and what they are doing to grow with this theme.

How is the ‘Cryptocurrencies in Travel and Tourism’ thematic report different from other reports in the market?

Businesses need to have a deeper understanding of the trends to gain a competitive edge in the coming decade. Get our ‘Cryptocurrencies in Travel and Tourism’ thematic report today, which will help you to:

• Understand the current cryptocurrency trends within the travel landscape and how these will escalate in the future.
• Assess how travel and tourism companies such as tour operators, OTAs, and DMOs are utilizing cryptocurrencies to drive revenues.
• Acknowledge the necessity of using cryptocurrencies by understanding the social, cultural, and environmental effects on the destination.
• Discover recommendations for businesses involved in cryptocurrencies.
• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying important themes early, enabling companies to make the right investments ahead of the competition and secure that all-important competitive advantage.
• All across the travel and tourism supply chain, organizations now have an opportunity to capitalize on cryptocurrencies, and there are some notable examples of this. Therefore, all should buy this report to fully understand how this theme will continue to be a key theme in the future travel landscape.

We recommend this valuable source of information to anyone involved in:

• Tour Operators/Hotel Groups
• Technology Leaders and Startups
• Business Development and Market Intelligence
• Investment Analysts and Portfolio Managers
• Professional Services – Investment Banks, PE/VC firms
• M&A/Investment, Management Consultants, and Consulting Firms

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Cryptocurrencies In Travel and Tourism Thematic Report Overview

Blockchain and, more specifically, cryptocurrencies, are very recent developments in the digitization of the tourism industry and hinge on the pervasiveness of information and communication technologies (ICTs). The globalization and digitization of travel and tourism are driving the demand for easy-to-use and cheap international transaction processes and payment systems. Tourists are beginning to discover that cryptocurrencies offer opportunities for simplifying cross-border transactions and overcoming the associated foreign currency exchange costs. At present, cryptocurrencies are the most advanced application of public blockchains that promise benefits such as a universal means of payment and minimal fees through the removal of intermediaries.

The Cryptocurrencies in Travel and Tourism thematic intelligence report assesses how cryptocurrencies, combined with other blockchain technologies, can be used across the travel and tourism value chain. It provides an overview of the current landscape and key players while highlighting opportunities for the use of cryptocurrency in the future. The report provides an industry-specific analysis based on GlobalData databases and surveys.

Cryptocurrency – Key Trends

The main trends shaping the cryptocurrency theme over the next 12 to 24 months are technology, macroeconomic, and regulatory trends.

• Technology trends: Some of the key technology trends impacting the theme are transitioning the internet to the Web3 model, growth of Non-fungible Tokens (NFTs), the Metaverse experience, social tokens, and decentralized finance (DeFi).
• Macroeconomic trends: The macroeconomic trends impacting the cryptocurrency theme are speculation, crypto culture, corporate treasury, correlation with traditional assets, crypto hubs, cryptocurrency exchange-traded funds (ETFs), and ESG.
• Regulatory trends: Regulatory clarification, US regulations, the ongoing SEC lawsuit against Ripple Labs, the ongoing jurisdictional dispute over cryptocurrencies between SEC and CFTC, and EU regulation known as Markets in Crypto-Assets (MiCA) are some of the regulatory trends impacting the theme.

Cryptocurrencies – Industry Analysis

Cryptocurrency revenue was worth $33 billion in 2022 and is expected to grow at a CAGR of more than 54% during 2022-2030. Cryptocurrencies are infamous for their extreme price volatility. The value of cryptocurrencies can experience rapid and unpredictable fluctuations, making it challenging for both travel companies and customers to determine the actual cost of a service or product in terms of traditional fiat currency. This volatility introduces an element of risk, potentially leading to losses for both businesses and consumers. The uncertainty surrounding the long-term stability of cryptocurrencies has led many travel companies to reconsider their use as a reliable means of payment.

The Cryptocurrencies in Travel and Tourism Industry Analysis also covers:

• Timeline

Global Cryptocurrency Revenue, 2018-2030 ($ Billion)

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Cryptocurrency - Value Chain Analysis

The cryptocurrency value chain consists of four layers: infrastructure, blockchain, application, and services, each with multiple sub-categories.

Infrastructure: The infrastructure layer can be further broken down into semiconductors, nodes, storage devices, networking equipment, and data centers. This layer focuses exclusively on the categories related to cryptocurrency mining, including mining rigs, mining software, application-specific integrated circuits (ASICs), and cryptocurrency mining farms.

Cryptocurrency Value Chain Analysis

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Leading Cryptocurrency Adopters in Travel and Tourism

Some of the leading cryptocurrency adopters in the travel and tourism sector are:

• airBaltic
• Alternative Airlines
• Berkeley Travel

Specialist Cryptocurrency Vendors in Travel and Tourism

Some of the specialist cryptocurrency vendors in the travel and tourism sector are:

• Beenest
• BTCTrip
• BukTrips

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Travel Intermediaries Sector Scorecard

At GlobalData, we use a scorecard approach to predict tomorrow’s leading companies within each sector. Our sector scorecard has three screens: a thematic screen, a valuation screen, and a risk screen.

The thematic screen ranks companies based on overall leadership in the 10 themes that matter most to their industry, generating a leading indicator of future performance.

The valuation screen ranks our universe of companies within a sector based on selected valuation metrics.

The risk screen ranks companies within a particular sector based on overall investment risk.

Travel Intermediaries Sector Scorecard – Thematic Screen

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Key Highlights

Cryptocurrencies, primarily used as a form of payment, often possess additional functionalities. They can be used in incentive schemes for blockchain infrastructure. The nodes (blockchain participants) get rewarded (in, e.g., bitcoin) for running and updating the blockchain network. Moreover, cryptocurrencies fund and encourage the development, governance, and use of decentralized applications (dApps), thus shaping user behavior and supporting blockchain economies. Bitcoin, the first and most well-known cryptocurrency, was created in 2009 by Satoshi Nakamoto, an anonymous individual or group.

A core feature of blockchain technology and cryptocurrencies is decentralization. However, true decentralization is more of an aspiration than an easily achievable state. Most cryptocurrencies involve centralized services or elements. For instance, trading often occurs on centralized exchanges like Finance and Coinbase. Nodes are frequently hosted on centralized cloud infrastructure like Amazon Web Services (AWS) and stablecoins, which aim to keep a stable value relative to other assets, and often rely on centralized parties like Circle to maintain pegs and reserves.

Understanding the interplay between centralization and decentralization in the crypto world is crucial. For instance, the 2022 collapse of major centralized crypto companies like FTX and Celsius led to increased activity on decentralized exchanges and self-custody of crypto assets (meaning people maintain direct control over their assets). While centralized crypto companies may seem incompatible with the core values of cryptocurrencies, they are convenient on-ramps that can facilitate a transition towards or support decentralized products and services, a process often called incremental or progressive decentralization.