In a game-changing move, Ferrari has started accepting cryptocurrency as payment for its luxury sports cars in the US and plans to expand the practice to Europe.
This decision came in response to demands from its wealthy clients, some of whom are young investors who have accumulated their wealth through cryptocurrencies.
While most large-scale companies avoid crypto due to its volatility and regulatory issues, Ferrari decided to embrace this new form of payment. Tesla also started accepting Bitcoin for car sales in 2021, but later suspended it.
Enrico Galliera, Ferrari's Chief Marketing and Commercial Officer, stated that cryptocurrencies have taken important steps in reducing carbon footprints with the introduction of new software and the increased use of renewable resources. He reiterated Ferrari's commitment to achieving carbon neutrality by 2030.
While Galliera did not disclose how many cars Ferrari expects to sell through crypto payments, he expressed belief in the company's strong order portfolio and potential to connect with new customers.
Ferrari plans to expand its crypto plan to Europe in the first quarter of next year, and then to other regions where cryptocurrency is legally accepted. The company has partnered with BitPay, one of the largest cryptocurrency payment processors, for the first phase in the US and will accept transactions in Bitcoin, Ethereum and USDC.
Galliera promised that there will be no additional fees for cryptocurrency payments and prices will not change. BitPay will immediately convert cryptocurrency payments into traditional currency on behalf of Ferrari's dealers, protecting dealers from price fluctuations.
*This is not investment advice.
