Ferrari to accept payment in cryptocurrency

Ferrari's recent decision to embrace cryptocurrency payments, including Bitcoin, Ether, and USDC, marks a development in the sector

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Ferrari’s recent decision to embrace cryptocurrency payments, including Bitcoin, Ether, and USDC, marks a significant development in the luxury goods sector. While Bitcoin’s energy-intensive mining process has garnered criticism, Ferrari’s move towards cryptocurrency adoption appears forward-thinking. In the first half of the year, Ferrari shipped over 1,800 cars to its Americas region, which includes the United States.

To facilitate this new payment method, Ferrari has partnered with BitPay, a prominent cryptocurrency payment processor. They plan to ensure pricing consistency, with no additional fees or surcharges for customers opting for cryptocurrencies.

BitPay will promptly convert digital currency payments into traditional fiat currencies, safeguarding both Ferrari and its dealers from cryptocurrency price volatility. Furthermore, BitPay will enforce stringent compliance measures to verify the legitimacy of the cryptocurrency sources and prevent associations with criminal activities.

This strategic shift aims to broaden Ferrari’s customer base, reaching individuals who may not have been traditional Ferrari clients but can now utilise their cryptocurrency holdings to purchase these high-end cars. Interest in cryptocurrency payments appears consistent in both the United States and Europe, with no discernible disparities noted.

It’s important to acknowledge that while Ferrari ventures into the world of cryptocurrency, it’s important to consider the varied regulatory landscapes of cryptocurrencies in different countries, such as the restrictions in China. Despite these complexities, Ferrari’s strong order portfolio, extending well into 2025, indicates robust demand for their luxury vehicles, and they expect more of their U.S. dealers to embrace this innovative payment option in the near future.