Ferrari has announced plans to accept cryptocurrency payments in the United States and later in Europe, driven by increasing demand from customers and dealers. The luxury carmaker’s Chief Marketing and Commercial Officer, Enrico Galliera, stated that the decision to embrace cryptocurrencies was influenced by the interest of crypto-savvy young investors and a desire to cater to market demands.
While the exact number of cars that will be sold through crypto payments wasn’t disclosed, Ferrari’s strong order backlog is confirmed until 2025. This move is seen as a way to connect with a broader range of potential buyers beyond their traditional clientele. Initially, Ferrari has partnered with BitPay, a leading cryptocurrency payment processor, for its U.S. operations. They will accept payments in Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC), with no additional fees.
BitPay will efficiently convert cryptocurrency payments into traditional fiat currency for Ferrari’s dealers, mitigating the impact of crypto price fluctuations. The digital currency legitimacy will be ensured, preventing illicit activities, money laundering, or tax evasion. This approach differs from Tesla, which initially accepted Bitcoin but later suspended it due to environmental concerns. Ferrari’s expansion into Europe with cryptocurrency payments is planned for the first quarter of 2024, with potential for further expansion into crypto-friendly regions.