In a groundbreaking move, Ferrari has embraced the world of cryptocurrency, announcing its acceptance of digital assets as payment for its high-end sports cars in the United States. The luxury car manufacturer, responding to demands from affluent clients, plans to extend this payment option to Europe in the coming months.
Unlike many major companies cautious of the volatile nature of cryptocurrencies, Ferrari is breaking ranks and following in the footsteps of electric carmaker Tesla, which briefly accepted Bitcoin in 2021 before environmental concerns led to its suspension by CEO Elon Musk.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, revealed that the decision was influenced by customer requests and market trends. Some of Ferrari’s clients, ranging from young investors who’ve amassed wealth through cryptocurrencies to more traditional investors diversifying their portfolios, have expressed a keen interest in utilizing digital assets for luxury car purchases.
Addressing environmental concerns associated with cryptocurrencies, Galliera highlighted the industry’s efforts to reduce carbon footprints through software innovations and increased reliance on renewable energy sources. He affirmed Ferrari’s commitment to achieving carbon neutrality across its value chain by 2030.
While Bitcoin’s energy-intensive mining has drawn criticism, Galliera did not specify the number of cars Ferrari anticipates selling through cryptocurrency transactions. The company, with a strong order portfolio booked into 2025, views this initiative as a means to connect with a broader audience, reaching potential Ferrari owners who might not have considered the brand.
Ferrari has partnered with BitPay, one of the leading cryptocurrency payment processors, for the initial U.S. phase. The luxury carmaker will accept payments in Bitcoin, Ether, and USDC (a stablecoin). Galliera assured that the prices of the cars would remain unchanged, with no additional fees or surcharges for cryptocurrency transactions.
BitPay will play a crucial role in converting cryptocurrency payments into traditional currency immediately, protecting both Ferrari and its dealers from the volatility associated with digital assets. Additionally, this approach helps ensure that funds come from legitimate sources, preventing criminal activity, money laundering, or tax evasion.
Ferrari plans to expand its crypto payment option to Europe by the first quarter of the next year, with further expansion into regions where cryptocurrency is legally accepted. Despite potential regulatory challenges in certain countries, the luxury carmaker is optimistic about the widespread adoption of crypto payments in the luxury automotive sector.