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5 top brokers ask: Is Bitcoin and cryptocurrency the future of yacht brokerage?

5 top brokers ask: Is Bitcoin and cryptocurrency the future of yacht brokerage?

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Cecil Wright & Partners

It was back in 2013 when Chris Cecil Wright of Cecil Wright & Partners was first introduced to the concept of cryptocurrencies by a client, but the past 18 months have seen this idea really take root, he explains: “The combined market capitalisation of cryptocurrencies is over $220 billion and there are multiple benefits. Of particular interest are the financial efficiencies of trading it, utilising it as a currency in exchange for goods and services, security, and the transaction speed, which is attributed to the lack of third party involvement.”

Cecil Wright describes cryptocurrency as “a bit of a game changer” for the charter market as it allows 24/7 transactions on large sums without the limitations of bank opening hours.

“We are prepared for any potential issues that might arise having run every scenario that could occur during a yacht acquisition,” he adds. “This has taken a while to iron out, but it will certainly be worth it.”

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