- Ferrari has begun accepting cryptocurrency payments in the US, with plans to expand to Europe
- The carmaker will accept Bitcoin, ether, and USDC with payment through Bitpay
- Ferrar has recognized that many young millionaires hold cryptocurrencies
Ferrari recently announced that it will begin accepting cryptocurrency payments for its luxury sports cars in the United States, with plans to expand this initiative to Europe in response to strong demand from affluent clients. The unconventional move stands in contrast to the caution displayed by most blue-chip companies and reflects the growing trend for more of today’s millionaires to have achieved their wealth through cryptocurrencies. Tesla famously temporarily accepted Bitcoin payments for its cars in 2021 before it pulled out citing environmental concerns.
Ferrari Looking to the Next Generation
Ferrari’s decision to embrace cryptocurrency payments came in response to customer requests and market trends following the rise in clients investing in digital assets. These clients vary from young, crypto-savvy investors to more traditional individuals looking to diversify their portfolios.
Anyone wishing to buy a Ferrari with cryptocurrency will need to do so via Bitpay, and those outside the US are out of luck, at least for the time being. Transactions can be conducted in bitcoin, ether, and USDC, with no additional fees or surcharges applied to crypto payments. For those wondering if Ferrari will be holding the crypto it collects, the answer is no; BitPay will instantly convert cryptocurrency payments into fiat, mitigating the risks associated with price fluctuations. BitPay, which recently added Lightning Network payments, will ensure the legitimacy of the cryptocurrency sources, reducing the potential for criminal activity or tax evasion.
Most of Ferrari’s US dealers have either signed up or are in the process of joining this cryptocurrency payment scheme, signaling a positive response within the network. The company intends to extend this initiative to Europe by the first quarter of the next year, followed by other regions where cryptocurrencies are legally accepted, as it seeks to embrace the evolving landscape of digital payments.
