Ferrari will accept cryptocurrency payments

Eva Morletto

By Eva Morletto17 octobre 2023

Ferrari is gearing up to accept cryptocurrency payments in the United States, followed by Europe. This initiative, supported by the BitPay platform, is part of a broader strategy aimed at attracting a young and affluent clientele.

In 2022, Ferrari sold 13,200 cars, with prices ranging from €210 000 to €2 million (Shutterstock)

While instability and a lack of regulations have led many companies to steer clear of cryptocurrencies, Ferrari is taking a different approach. Enrico Galliera, the Vice President for Sales and Marketing at Ferrari, confirmed to Reuters that cryptocurrency payments will be possible, starting in the United States and then expanding to Europe in the first quarter of 2024. Other regions worldwide will follow suit in the second half of 2024. Regardless of the country, there won't be substantial differences in the procedures.

Ferrari is venturing into cryptocurrencies with the support of one of the industry's major players, BitPay. BitPay is a platform that facilitates transactions in Bitcoin, USDC, and Ethereum, offering transparency guarantees regarding the source of funds. Using BitPay will provide Ferrari with protection against significant fluctuations in the cryptocurrency market. The prices of the cars will remain unchanged, with no additional fees for those opting to use cryptocurrencies as a means of payment. U.S. dealers have already accepted the proposal.

In 2021, Tesla was the first automaker to make such an announcement but later reversed its decision due to concerns about the environmental impact and excessive energy consumption by servers handling cryptocurrencies. In this regard, while reiterating the automaker's goal to achieve carbon neutrality by 2030, Enrico Galliera highlighted recent software advancements capable of limiting the carbon footprint.

Despite Ferrari's order book being already full until 2025, the brand aims to attract a new generation of customers whose wealth has been accumulated in the digital world with this strategy. However, unlike the stock market frenzy that followed Tesla's announcement in 2021, Ferrari's announcement hasn't caused significant ripples in the cryptocurrency market.

In 2022, Ferrari sold 13 200 cars, with prices ranging from 210,000 euros to 2 million euros. Europe, Africa, and the Middle East accounted for 46% of total deliveries in the first half of 2023.

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