Ferrari choice to embrace cryptocurrency payments stemmed from a response to market demand and the requests of its dealers, as an increasing number of clients were engaging in investments involving digital currencies.
Ferrari is now accepting cryptocurrency payments for its luxury sports cars in the United States, with plans to expand this option to Europe. This decision was made in response to customer demand and dealer requests, as more clients, including tech-savvy young investors, have shown interest in digital currencies.
While Galliera didn’t provide specific figures on the number of cars Ferrari anticipates selling through cryptocurrency payments, he did mention that the carmaker’s order book is completely filled until 2025. Ferrari is looking to explore this growing market to reach new buyers beyond their traditional clientele. They intend to introduce cryptocurrency payments in Europe by the first quarter of 2024 and subsequently expand to other crypto-friendly regions. In the U.S., Ferrari has partnered with BitPay, a leading cryptocurrency payment processor, for their initial foray into crypto payments, allowing transactions in Bitcoin, Ether, and USD Coin.
Galliera has assured that there won’t be any extra fees or surcharges when utilizing cryptocurrency for payments. BitPay will swiftly convert cryptocurrency payments into traditional fiat currency for Ferrari’s dealers, protecting them from the volatility of cryptocurrency prices. BitPay will also carry out checks to confirm the legitimacy of the digital currency, ensuring it’s not linked to illegal activities, money laundering, or tax evasion.
Numerous major corporations have been cautious about embracing cryptocurrencies because of their price volatility and the associated challenges in conducting transactions. One notable example is Tesla, the electric vehicle manufacturer, which initially began accepting Bitcoin as a payment method in 2021. However, CEO Elon Musk suspended this option over environmental concerns.
