Luxury sports car manufacturer Ferrari is reportedly joining the growing list of businesses that accept digital payments in cryptocurrencies, starting in the United States and later expanding to Europe. Enrico Galliera, Ferrari’s chief marketing and commercial officer, announced this new development in an interview with Reuters on Saturday.
Galliera explained that the decision to accept cryptocurrencies was motivated by client requests. Some younger investors who have accumulated wealth through cryptocurrencies, as well as more traditional investors looking to diversify their portfolios, expressed an interest in using digital assets to purchase Ferrari automobiles. While a top-selling model like the Ferrari Portofino retails for just over $250,000, avid enthusiasts of the brand often invest millions in these fast and flashy cars.
The shift towards accepting cryptocurrencies is also fueled by Ferrari’s observation of the industry’s efforts to improve its environmental impact. With a commitment to carbon neutrality by 2030, Ferrari recognizes the industry’s progress towards sustainability.
As the world continues to witness the increasing acceptance and adoption of cryptocurrencies in various industries, Ferrari joins the ranks of companies that recognize the value and potential of these digital assets. This decision not only caters to the demands of existing clients but also reflects Ferrari’s commitment to innovation and meeting the evolving needs of consumers.
In a time where space travel, luxury watches, and even your morning coffee can be purchased using cryptocurrencies, Ferrari is marking its presence in this expanding market. With its iconic brand and reputation for luxury and performance, Ferrari’s decision to accept cryptocurrency payments further solidifies its position as a forward-thinking and trendsetting player in the global luxury automobile industry.
Ferrari Accepts Cryptocurrency Payments
Luxury carmaker Ferrari has joined the growing trend of businesses accepting cryptocurrency as a form of payment. Customers can now purchase a Ferrari using bitcoin, ether, or stablecoin USDC through payment processor BitPay. To ensure stability amidst the volatile nature of cryptocurrencies, payments will be swiftly converted to traditional fiat currencies.
Cryptocurrencies have seen significant fluctuations in recent years. Bitcoin, for example, started 2021 at around $16,750 and has since soared to nearly $28,000. It reached its peak of over $65,000 in November 2021.
While Ferrari has not disclosed the exact number of crypto-purchased vehicles sold, it did reveal that their order books are currently filled until 2025. By embracing cryptocurrency, the luxury carmaker aims to expand its customer base. The majority of U.S. dealers have already embraced this new payment option.
In 2022, Ferrari reported a total sales figure of 13,221 cars, marking an 18.5% increase compared to the previous year. The highest number of cars (5,958) were shipped to the Europe Middle East and Africa region, closely followed by the U.S., where 3,447 cars were sold.
Earlier in 2021, Tesla caused a stir in the cryptocurrency market when it announced that it would accept bitcoin as payment for its electric vehicles. However, Tesla’s CEO Elon Musk later retracted this decision due to environmental concerns surrounding crypto mining.
Ferrari has yet to comment on this recent development.