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Ferrari in the US to Start Accepting Crypto Payments

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Luxury sports car maker Ferrari has announced its decision to accept cryptocurrency payments for its vehicles in the United States and Europe. The move comes as a response to growing demand from customers, including crypto-savvy young investors, who have invested in digital currencies. Ferrari’s chief marketing and commercial officer, Enrico Galliera, stated that the company’s strong order portfolio is fully booked until 2025, and accepting cryptocurrency payments will help the brand connect with potential buyers beyond its traditional clientele. In the first quarter of 2024, Ferrari plans to introduce crypto payments in Europe, with further expansion into other crypto-friendly regions to follow.

To facilitate cryptocurrency transactions, Ferrari has partnered with BitPay, a major cryptocurrency payment processor. Customers will be able to make purchases using Bitcoin, Ether, and USD Coin. There will be no additional fees or surcharges when using cryptocurrency, as BitPay will promptly convert the payments into fiat currency to shield dealers from price fluctuations. Additionally, BitPay will ensure the legitimacy of the digital currencies to prevent illicit activities, money laundering, and tax evasion.

This move by Ferrari marks a departure from the hesitation many large corporations have shown towards adopting cryptocurrencies, primarily due to their volatility and transaction impracticality. Notably, Tesla initially accepted Bitcoin payments in 2021 but suspended this payment method later due to environmental concerns. Ferrari’s decision to embrace cryptocurrency payments showcases the evolving acceptance of digital currencies in the luxury car industry and signals a potential shift in how high-end goods can be purchased.

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