October 14, 2023

Ferrari Embraces Cryptocurrency for Luxury Car Purchases in the U.S., European Expansion on the Horizon

Ferrari has announced its decision to allow cryptocurrency payments for luxury car purchases in the United States, with plans to extend this payment option to European markets in the coming months, according to a recent Reuters report.

The move to incorporate cryptocurrency as a payment method comes in response to growing demand from both the market and Ferrari's network of dealers. Many of the automaker's clients are known to have substantial investments in various cryptocurrencies.

Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, commented on the decision, emphasizing its potential to connect the brand with a broader range of individuals. "This will help us connect to people who are not necessarily our clients but might afford a Ferrari," Galliera stated in an interview with Reuters.

To facilitate this transition, Ferrari has forged a partnership with BitPay, a renowned cryptocurrency payment processing service. Customers will have the option to pay for their desired Ferrari model using cryptocurrencies like bitcoin, ether, and the stablecoin USDC. These cryptocurrency payments will be swiftly converted into fiat currencies to shield dealers from the inherent price volatility associated with cryptocurrencies.

It's important to note that the expansion of cryptocurrency payments will not encompass countries with strict regulations on cryptocurrencies, such as China.

Despite the company's order portfolio being entirely booked until 2025, Ferrari views this venture into cryptocurrency payments as a means to attract potential new customers to its brand.

The move follows a similar step taken by electric vehicle manufacturer Tesla in 2021, where they briefly accepted bitcoin as a form of payment for their vehicles. However, Tesla's CEO, Elon Musk, later suspended cryptocurrency payments for environmental reasons, citing concerns over the energy consumption associated with cryptocurrency mining.

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