Ferrari Now Accepts Crypto Payments in U.S.
Ferrari now lets US buyers use cryptocurrency to purchase their luxury cars.
Ferrari is now letting people in the United States buy its fancy sports cars with cryptocurrency. The decision to start accepting cryptocurrency comes because many Ferrari customers have money in digital currencies and dealers have been asking for it, said Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer
Some big companies have been careful about letting customers pay with cryptocurrencies like Bitcoin because their values can change quickly and they can be risky. However, Galliera believes that the cryptocurrency world is getting better at not harming the environment and Ferrari wants to be fully carbon neutral by 2030.
This choice to allow digital money was also influenced by the kinds of customers Ferrari has, including young people who have made money in cryptocurrencies and older investors who want different kinds of investments. Ferrari has many orders for cars that go all the way to 2025. They’ve also sent more than 1,800 cars to the Americas in the first part of this year. The use of cryptocurrency is expected to help Ferrari connect with even more people who might want to buy their cars.
In the next year, Ferrari plans to allow people in Europe to also pay with cryptocurrency. Europe, the Middle East, and Africa are important markets for Ferrari, making up 46% of total car shipments in the first part of this year. However, in places like China, where cryptocurrency is not fully allowed, Ferrari might find it hard to use this new payment method.
In the U.S., Ferrari will work with BitPay, a company that helps manage cryptocurrency payments, to allow payments in Bitcoin, Ether, and USDC. BitPay will change these cryptocurrencies into regular money right away to protect Ferrari’s dealers from the risk of value changes in cryptocurrencies. Galliera assured there will not be extra costs for paying with cryptocurrency and that BitPay will check to make sure the digital money is not from illegal activities.
Most of Ferrari’s U.S. dealers are okay with this new way of paying, and Galliera believes more will agree soon.
