You can hold on for dear life, but as well as what @WayTooLong...

You can hold on for dear life, but as well as what @WayTooLong said about likely points devaluation, even if Velocity continues attached to Virgin Mark II, also bear in mind:

- Virgin Mark II may do away business class domestically so only options for one-class redemptions if that happens
- It sounds like it will retreat from having any international flights, so you will be reliant on international airline partners to make seats available for redemption.
- there's no way of knowing who the international airline partners of Virgin Mark II will be, and therefore if / how much redemption opportunities that may bring
- even if international airline partners remain, international business and leisure travel for the next two years at least is likely to remain a fraction of what it previously was, and those airlines will be just as desperate for full cash paid for the available seats. Suspect there will be A LOT less seats available for frequent flyer point redemptions - and those international airline partners will prioritise their own members for those seats.
- all those issues become moot if they devalue to a cash value per point e.g. 1 point = 1 cent you can reduce cash fares with.

Personally, I have refreshed some of my electronics and kitchen equipment with my remaining Velocity points. I wish I could do the same with the many Ansett Australia Global Rewards points I still have...