Italian luxury sports car manufacturer Ferrari has recently made a significant shift by embracing cryptocurrency. This leading-edge decision enables their American clientele to purchase cars using popular digital currencies such as Bitcoin, Ether, and USDC.
Recognizing the increasing demand from both crypto-savvy investors and traditional buyers, Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, explains that this innovative move aims to make these sought-after vehicles accessible to a wider audience.
Galliera addressed concerns about the environmental impact of cryptocurrencies and assured that Ferrari is dedicated to achieving carbon neutrality by 2030. This commitment positions Ferrari as one of the pioneering luxury car manufacturers open to digital currencies.
The company has formed a partnership with BitPay, a crypto payment processor. This collaboration aims to streamline transactions by converting cryptocurrency payments into traditional currency. The conversion shields both Ferrari and its dealers from potential price shifts.
An Optimistic Outlook
Ferrari plans to introduce its cryptocurrency payment scheme initially in the United States. By the first quarter of next year, they aim to expand the program to Europe and subsequently to other regions where cryptocurrencies have legal acceptance.
The company holds an optimistic outlook on attracting new customers who can now conveniently purchase a Ferrari through this innovative payment option.
Ferrari has established its reputation on the back of its opulent vehicles, which range in price from over 200,000 euros to a staggering 2 million euros. In 2022, they managed to sell an impressive number of cars—13,200 units—in this price bracket. Moreover, their stronghold continues as they already have robust bookings secured until 2025.
BitPay ensures that cryptocurrencies used for payments are sourced only from legitimate origins, free from any association with criminal activities. Furthermore, Ferrari foresees an imminent influx of dealers participating in the cryptocurrency payment scheme.
Ferrari’s recent development showcases a forward-thinking approach, aiming to make luxury sports cars more accessible to a diverse range of customers. It includes catering to the interests of cryptocurrency investors.
“The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.”
Comments (No)