Ferrari has announced that it is now accepting cryptocurrency as payment for its luxury sports cars in the U.S., with plans to extend the scheme to Europe. The decision comes in response to requests from Ferrari’s wealthy customers, many of whom have invested in crypto. While most blue-chip companies have avoided using cryptocurrencies due to their volatility and high energy usage, Ferrari believes that cryptocurrencies have made efforts to reduce their carbon footprint and increase the use of renewable sources. The company aims to achieve carbon neutrality by 2030.
Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, stated that the decision to accept cryptocurrency was driven by market demand and the desire to cater to a diverse range of investors. Some of the company’s clients are young investors who have amassed fortunes through cryptocurrencies, while others are more traditional investors looking to diversify their portfolios. Ferrari’s order portfolio for its luxury cars is strong and fully booked until 2025, but the company sees accepting cryptocurrency as an opportunity to connect with potential customers who may be able to afford a Ferrari but are not currently clients.
To facilitate cryptocurrency transactions, Ferrari has partnered with BitPay, one of the largest cryptocurrency payment processors. BitPay will convert the cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers, ensuring that they are shielded from the price volatility associated with cryptocurrencies. The company plans to allow transactions in bitcoin, ether, and USDC, a stablecoin. The crypto payment option will initially be available in the U.S., with plans to expand to Europe by the first quarter of next year and other regions where cryptocurrencies are legally accepted.
In conclusion, Ferrari’s decision to accept cryptocurrency for its luxury sports cars is a response to growing market demand and the desire to attract a broader range of customers. The company aims to cater to both young investors who have made fortunes through cryptocurrencies and traditional investors looking to diversify their portfolios. By partnering with BitPay, Ferrari ensures that cryptocurrency payments are converted into traditional currency to protect its dealers from price fluctuations. This move aligns with Ferrari’s goal of achieving carbon neutrality by 2030 and signals the company’s willingness to adopt innovative payment methods while expanding its customer base.
