Ferrari starts accepting Bitcoin as a means of payment

The famous Italian manufacturer of luxury cars, Ferrari, has announced that it will start accepting Bitcoin payments for its sports cars in the United States. According to the company, the initiative will be expanded to Europe in the first quarter of next year, in response to requests from high-income customers.

Enrico Galliera, Ferrari’s commercial and marketing director, said the policy change was driven by the company’s market and dealers.

Many of Ferrari’s clients, he said, now have investments in cryptocurrencies, including young investors who have built their fortunes around such digital assets. Others are traditional investors looking to diversify their portfolios.

Elon Musk’s Tesla has also accepted Bitcoin

While most high-profile companies have avoided adopting cryptocurrencies due to volatility and regulatory concerns, Ferrari is embracing the innovation.

In March 2021, Tesla started accepting Bitcoin as a form of payment. The decision attracted significant attention from the media and the cryptocurrency community, as such a famous company adopted digital currency as a means of payment.

However, a few months later in May 2021, Tesla CEO Elon Musk tweeted his concerns about energy consumption associated with Bitcoin mining and announced that Tesla would temporarily suspend the purchase of vehicles using Bitcoin.

At the time, the billionaire raised environmental concerns about the energy generation used in Bitcoin mining, which led the company to reconsider its adoption of the cryptocurrency.

Ferrari starts accepting Bitcoin

Ferrari has chosen cryptocurrency payment processor BitPay for the first phase of its program in the United States. The company will allow transactions in Bitcoin, Ethereum and USDC.

The company says it is committed to achieving carbon neutrality by 2030 and has been working to reduce its carbon footprint through the introduction of new software and the use of renewable sources.

According to Reuters, cryptocurrency payments on behalf of Ferrari dealers will be immediately converted into traditional currency, protecting them from price fluctuations associated with cryptocurrencies.

Galliera emphasized that car prices will not change, nor will there be any fees or surcharges for customers who choose to pay with cryptocurrencies.

Furthermore, Ferrari has ensured that the cryptocurrencies used in its transactions come from legitimate sources and comply with all regulations to prevent criminal activity or tax evasion.

The initiative has already attracted significant interest among Ferrari dealers in the US, with the majority already signed up or ready to participate in the program.

Ferrari said it is confident that this move will not only meet the needs of its current customers, but also attract new buyers who see the potential of cryptocurrencies as an innovative way to acquire a luxury car.

Source: Live Coins