Luxury sports car manufacturer Ferrari has made a strategic move to accept cryptocurrency payments for its high-end vehicles in the United States, with plans to extend this option to European customers in the near future. This development is a direct response to the growing demand from customers who wish to use digital currencies as a means of purchasing their dream vehicles.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, confirmed the company’s intention to integrate cryptocurrency payments into its sales process. The decision is primarily driven by the increasing market demand for cryptocurrency acceptance and consistent requests from Ferrari’s network of dealers. Notably, a significant number of Ferrari’s clientele, including tech-savvy young investors, have embraced digital currencies as part of their investment portfolios.
While specific details regarding the number of cars Ferrari expects to sell through cryptocurrency payments were not disclosed, Galliera did emphasize that the luxury automaker’s order portfolio is currently fully booked until 2025. This presents an ideal opportunity for Ferrari to explore the expanding cryptocurrency market and connect with potential buyers who might fall outside their traditional customer base. The company is set to introduce cryptocurrency payments in Europe by the first quarter of 2024, and subsequently, it will expand its acceptance to other crypto-friendly regions.
In the United States, Ferrari has entered into a partnership with BitPay, a major cryptocurrency payment processor, to facilitate this new payment method. BitPay will enable transactions using Bitcoin, Ether, and USD Coin. Importantly, customers who choose to pay with cryptocurrency will not incur any additional fees or surcharges. BitPay will promptly convert the cryptocurrency payments into conventional fiat currency, providing Ferrari’s dealers with protection against cryptocurrency price fluctuations.
Moreover, BitPay will play a crucial role in verifying the legitimacy of the digital currencies used for payments, ensuring that they do not originate from illicit activities such as money laundering or tax evasion.
It is worth noting that many large corporations have been cautious about adopting cryptocurrency payments due to concerns related to price volatility and the practicality of conducting transactions in the digital asset space. This hesitance has been witnessed in the past with companies like Tesla, the electric vehicle giant, which initially embraced Bitcoin payments in 2021. However, CEO Elon Musk later suspended this payment method, citing environmental concerns as the primary reason.
Ferrari’s bold step into the world of cryptocurrency payments is a testament to the evolving landscape of digital currencies, with more traditional industries recognizing the importance of catering to this growing market. As the luxury car brand expands its cryptocurrency payment options, it is likely to make its vehicles even more accessible to a broader range of customers worldwide.
ALSO READ
- Crypto Cards Gaining Traction, Facilitated $3B in Payments Since 2021
- X Moves Closer to Crypto Payments with New State License
- Visa to Allow Credit Card Payments for Crypto Gas Fees