Ferrari Joins the Crypto Wave
In a move influenced by growing customer demand, Ferrari has announced its decision to accept cryptocurrency as payment for its luxury vehicles in the United States. Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, revealed this shift in strategy, citing increased interest from clients, particularly young investors who are well-versed in digital currencies.
A Strategic Partnership
To facilitate this new payment option, Ferrari is collaborating with BitPay, a prominent cryptocurrency payment processor. Buyers in the U.S. can now purchase Ferrari’s luxurious sports cars using Bitcoin, Ethereum, and USDC. The crypto payments will be swiftly converted to conventional currency by BitPay, protecting Ferrari’s dealers from the volatility often associated with digital currencies. Moreover, Galliera assured that customers would not incur additional fees or surcharges when opting for crypto payments.
The Drive Behind the Decision
This development stems from Ferrari’s desire to cater to a broader audience and tap into the burgeoning market of crypto-savvy customers. While the luxury car brand’s order portfolio is already full until 2025, Ferrari sees an opportunity to explore new horizons and appeal to a generation of digital currency investors.
Expansion to Europe and Beyond
Following the implementation in the U.S., Ferrari has its sights set on Europe. Plans are underway to roll out cryptocurrency payment options in Europe by the first quarter of 2024. This move is a response to market demand and dealer requests, and further expansions to additional crypto-friendly regions are anticipated.
The acceptance of cryptocurrency as a means of payment isn’t universal among major corporations, mainly due to its inherent price instability. A notable example is Tesla, which, after briefly accepting Bitcoin, retracted the option, with environmental sustainability cited as a primary concern by CEO Elon Musk.
