In a report dated October 14 by Reuters, a groundbreaking move was unveiled: Ferrari, the celebrated luxury sports car manufacturer, has declared its acceptance of cryptocurrency as a legitimate payment method for its iconic sports cars in the United States. Moreover, the Italian automaker has outlined its intentions to expand this cryptocurrency payment alternative to the European market in response to the increasing demand from its affluent customer base.
While many blue-chip companies have been cautious about embracing cryptocurrencies due to their inherent volatility, Ferrari has chosen to cater to the evolving preferences of its customers, joining the likes of Tesla, which briefly accepted Bitcoin as payment before discontinuing it due to environmental concerns. Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, revealed that the company’s decision is in response to requests from both the market and its dealers, as a significant portion of its client base has invested in cryptocurrencies.
“Galliera elucidated that among the participants, there are youthful investors who’ve amassed their wealth through cryptocurrencies, while others comprise conventional investors looking to broaden their investment portfolios.”
Cryptocurrencies have been making efforts to reduce their carbon footprint through the implementation of new software and a greater reliance on renewable energy sources. Ferrari, which has a target of achieving carbon neutrality by 2030 across its entire value chain, remains committed to its environmental goals despite this new payment option.
Ferrari, which shipped more than 1,800 cars to its Americas region (including the U.S.) in the first half of this year, is preparing to explore the crypto payment landscape. However, Galliera did not specify how many cars Ferrari expects to sell through cryptocurrency transactions. The company’s order portfolio remains robust and fully booked through 2025. Still, Ferrari is keen to embrace this expanding universe and reach potential buyers who might not yet be part of its clientele.
To facilitate cryptocurrency payments, Ferrari has partnered with BitPay, one of the largest cryptocurrency payment processors. In the initial phase in the U.S., customers will be able to make payments in Bitcoin, Ether, and USDC (a stablecoin). Notably, this transition will not result in changes in pricing, fees, or surcharges for customers. BitPay will immediately convert cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers to protect them from the inherent price volatility associated with cryptocurrencies.
Disclaimer
The information presented in this Blogpost is solely for educational and informative purposes and should not be misconstrued as investment, financial or legal advice. Cryptocurrencies are a highly unstable and speculative market and their worth is susceptible to substantial fluctuations. Therefore, it is advisable to conduct personal research and seek counsel from qualified experts before making any financial decisions.
