Ferrari, an icon in the world of luxury cars, has announced that it will accept cryptocurrency payments in the United States. This decision was the result of increasing customer demand and requests from the brand’s dealers. As it turns out, many Ferrari customers, including young investors with a passion for cryptocurrencies, have already invested in digital currencies.
Although Enrico Galliera, Senior Director of Marketing and Commercial Operations at Ferrari, did not provide exact data on the number of cars expected to be sold in exchange for cryptocurrencies, he emphasized that the brand’s order book is full until 2025. Ferrari intends to test this emerging market to reach potential buyers beyond its traditional customer base. In early 2024, the luxury car manufacturer plans to introduce cryptocurrency payments in Europe as well, and then expand them to other crypto-friendly regions.
As part of the initial stage in the USA, Ferrari has partnered with a leading American payment services provider – BitPay, which will enable transactions in Bitcoin, Ether, and USD Coin.
Galliera confirmed that cryptocurrency payments will not involve any additional fees or surcharges. BitPay will immediately convert cryptocurrency deposits into traditional currencies for Ferrari dealers, aiming to protect against cryptocurrency price fluctuations. BitPay will also be responsible for verifying the legality of the digital currency, ensuring it does not originate from illegal activities, money laundering, or tax evasion.
Major corporations have long been reluctant to accept cryptocurrencies due to their price volatility and transaction-related issues. This group includes Tesla, the electric car manufacturer, which initially began accepting Bitcoin payments in 2021, but Tesla’s CEO, Elon Musk, suspended this form of payment due to environmental concerns.
There is no doubt that Ferrari’s decision is a sign of the times, where cryptocurrencies are becoming an increasingly acceptable means of payment, even among luxury goods manufacturers. Time will tell if other global brands will follow in the footsteps of the Italian automotive giant.
Photo by Joshua Rawson-Harris on Unsplash
