Ferrari is set to expand its cryptocurrency payment options to Europe by the end of July, according to a Reuters report on Wednesday. This move comes after the Maranello, Italy-based luxury sports car manufacturer began accepting cryptocurrency in the United States last October, in collaboration with BitPay. The cryptocurrencies accepted include Bitcoin (BTC), Ether (ETH), and USD Coin (USDC).
Supporting Evolving Client Needs
Ferrari aims to support its dealers in better addressing the evolving needs of its clients by broadening the scope of its cryptocurrency payment program. The company emphasized its commitment to adapting to the changing preferences of its high-end clientele, who may prefer the flexibility and modernity of cryptocurrency transactions.
Also Read: Ferrari Now Accepts Bitcoin for Luxury Cars in the U.S.
Global Expansion Plans
The company also intends to extend the service to other markets by the end of 2024, reflecting a strategic approach to cater to the growing interest in cryptocurrency among luxury consumers. Despite the popularity of cryptocurrencies as an investment tool, their acceptance as a payment method remains relatively rare among major companies. This rarity is likely due to a perceived lack of demand from customers who might prefer to hold onto their digital assets, anticipating potential value increases.
Cryptocurrency in the Luxury Market
Unlike everyday purchases, luxury items such as Ferrari cars hold long-term value, making them a more appealing option for those willing to spend their cryptocurrency. This factor could mitigate concerns about the potential future appreciation of digital assets.
Neither Ferrari nor BitPay responded to requests for comment from CoinDesk regarding the expansion plans.
Ferrari’s move to accept cryptocurrency payments in Europe marks a significant step in the integration of digital currencies into the luxury market. By the end of the year, Ferrari plans to further expand this service to additional markets, aligning with the evolving preferences of its clientele.
