Ferrari Drives into the Future: Luxury Car Maker to Accept Cryptocurrency Payments

Ferrari, the renowned luxury car manufacturer, is set to introduce cryptocurrency as a payment option for its high-end vehicles in the United States, with plans for an expansion into the European market in the near future, as reported by Reuters.

The decision to adopt cryptocurrency payments stems from growing demand within the market and requests from dealers, as a significant number of Ferrari's clientele have made investments in cryptocurrencies.

Enrico Galliera, Ferrari's Chief Marketing and Commercial Officer, emphasized that this move is aimed at connecting with a broader audience, stating, "This will help us connect to people who are not necessarily our clients but might afford a Ferrari."

Ferrari has teamed up with BitPay, a prominent cryptocurrency payment processor, for its U.S. operations. The company will accept payments in bitcoin, ether, and the stablecoin USDC. These cryptocurrency payments will be promptly converted into fiat currencies, safeguarding dealers from the price volatility associated with cryptocurrencies.

It's important to note that countries with stringent cryptocurrency regulations, such as China, will not be included in Ferrari's cryptocurrency payment expansion strategy.

While Ferrari's order book is fully booked until 2025, the company sees this move as an experiment to attract potential new customers.

It's worth mentioning that in 2021, electric vehicle manufacturer Tesla briefly accepted bitcoin payments for its cars. However, CEO Elon Musk later suspended this option, citing environmental concerns.