Iconic luxury sports car manufacturer Ferrari has initiated a groundbreaking move to accept cryptocurrency as payment for its vehicles in the United States. Not only that, but it also plans to extend this payment option to Europe in response to increasing demand from affluent customers. So it seems like Ferrari is departing from the cautious stance many blue-chip companies have taken towards cryptocurrency due to its inherent volatility and regulatory uncertainties.
Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, explained that the company's decision to embrace crypto payments was a result of their clientele's growing interest in digital assets. "Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios," he revealed. While some cryptocurrencies, such as Ethereum, significantly enhanced their energy efficiency, Bitcoin, the largest crypto coin, continues to face criticism for its mining processes. In response to environmental concerns, Galliera says that Ferrari is still committed to its goal of achieving carbon neutrality across its entire value chain by 2030.
In response to environmental concerns, Galliera affirmed Ferrari still has bookings extending into 2025, but this innovative step into the world of crypto is expected to allow the company t reach a broader customer base. According to Galliera, "This will help us connect to people who are not necessarily our clients but might afford a Ferrari." They're kicking things off in the US with the help of BitPay, one of the big cryptocurrency payment processors. Customers can use Bitcoin, Ether, and USDC, a stablecoin, for their purchases. Not only that, but the prices will remain the same, with no extra fees or surcharges for crypto payments.
Ferrari's already got most of its US dealers on board or about to hop on the crypto train, and they're hoping others will follow suit. So, if you've been eyeing a Ferrari and happen to have some digital gold stashed away, you might be able to drive away in style pretty soon.