By: Mario Mancini
New Yorkers who want to get in shape for the summer will soon be able to pay for an Equinox membership with cryptocurrency, The New York Post reports. The luxury health club will become the first gym in the Big Apple to allow members to pay their membership fee in digital currency, a source told The New York Post.
Equinox wants to meet members “where they are both digitally and physically” and is partnering with BitPay, a major bitcoin and crypto payment service, the source said. The decision comes as gyms have all but recovered from their major pandemic slump. Equinox said sales were up 122% in Q1 when compared to Q1 in 2019 and Crunch gyms told The Post its sales are up 60.9% in Q1 compared to the same time frame.
The New York Post reported in April, “Equinox’s decision comes at a turbulent time for Bitcoin, which could soon slump to $30,000 as investors move cash from speculative assets to safer bets.”
According to Wikipedia, Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009 when its implementation was released as open-source software.
Equinox Gyms are owned by Equinox Group is an American luxury fitness company which operates several lifestyle brands: Equinox, Equinox Hotels, Precision Run, Project by Equinox, Equinox Explore, Equinox Media, Furthermore, PURE Yoga, Blink Fitness, and SoulCycle. Within the portfolio of brands, there are more than 300 locations in major cities in the United States, as well as in London, Toronto, and Vancouver. The global headquarters is in New York City, where there are currently 35 Equinox Clubs and possibilities of a digital platform being launched in 2020. Equinox is owned by a group of investors including Harvey Spevak, Executive Chairman and Managing Partner, as well as Principals of The Related Companies.
