Ferrari to take Bitcoin payments from US car buyers

Luxury car maker Ferrari is accelerating into cryptocurrency by accepting bitcoin and other digital assets for its vehicles in the United States.

Ferrari has announced plans to soon expand this service to the European market and is interested in accepting cryptocurrency payments for its cars in the US. Prospective buyers will have the option to purchase a car using Bitcoin, Ethereum and USDC.

Ferrari crypto adoption

This move sets Ferrari apart from some major companies that are hesitant to accept cryptocurrencies due to their flexibility and regulatory certainty.

Ferrari's Chief Marketing and Commercial Officer Enrico Galliera explained that this crypto adoption is in line with the company's 2030 carbon neutrality target.

Galliera explained that the move was made due to increasing market and distributor demand for cryptocurrency payment options.

It is also an effort to attract young investors with high cryptocurrency wealth.

Ferrari's target audience extends beyond the younger generation to include traditional investors looking to diversify their portfolios. Galliera said:

“This helps us connect with people who are not our customers but who can buy a Ferrari.”

The famous luxury car manufacturer will introduce cryptocurrency payments in Europe in the first quarter of next year. The company has plans to expand into other crypto-friendly regions.

Partners Bitpay

To facilitate these cryptocurrency payments, Ferrari has partnered with BTC payment processor BitPay.

Galleria Ferrari confirms that it does not charge additional fees or surcharges for cryptocurrency transactions.

According to him, BitPay converts crypto payments into traditional fiat currency, protecting merchants from the inherent volatility of the industry.

Meanwhile, Ferrari is not the first luxury car manufacturer to accept Bitcoin. Last year, electric vehicle (EV) giant Teslabriefly adopted a digital asset but abandoned its payment model due to environmental concerns.

The Elon Musk-led company still holds a significant amount of BTC.

Institutional Bitcoin adoption

Although the lack of clear regulatory standards prevents the adoption of institutional mainstream digital assets, Bitcoin is growing in acceptance among institutions.

Last year, several asset managers, including BlackRock, filed for a spot BTC ETF. This trend shows a recovery from last year's slump in the market.