Ferrari’s Bitcoin acceptance is a major market victory, says CoinFlip CEO
Ferrari allowing US residents to buy their cars with cryptocurrencies such as Bitcoin (BTC) could prove to be a major market win in 2023, according to the CEO of Bitcoin ATM operator CoinFlip.
Ferrari recognizes the growing demand from customers for alternative payment solutions and has decided to support merchants by meeting these customers' requests, the representative said.
“The source of cryptocurrencies is verified, and volatility risks associated with currency rates are eliminated. Sellers – and ultimately Ferrari – receive payments in traditional currencies and do not directly manage cryptocurrencies.”
Ferrari has added crypto payment support by integrating BitPay, which serves global brands such as AMC Theaters, electronics retailer Newegg and others. According to Bitpay, in 10 US locations – including Washington and Las Vegas – Ferrari customers can now exchange their crypto for high-end Ferrari car models such as the SF90 Stradale, Ferrari Purosangue, Daytona SP3 and more.
According to CoinFlip CEO Ben Weiss, Ferrari's move to accept crypto payments is important for the market. “Their popular adoption, cryptocurrency value and consumer confidence can increase,” Weiss said, pointing out that it is arousing the interest of lawmakers to develop a clear regulatory framework for their crypto activities.
Weiss believes Ferrari's push will eventually push more traditional global companies to accept Bitcoin as payment. he said:
“It's not a question of whether big name companies will follow in Ferrari's footsteps, but when. Bitcoin is the best-performing asset of the decade, proving it's here to stay and encouraging other big names like PayPal and BlackRock to embrace digital assets.
Ferrari's decision to accept cryptocurrency payments comes from environmental, social and corporate governance considerations, a company representative told Cointelegraph.
A spokesperson said: “Information analysis of the environmental impact associated with cryptocurrencies is a fundamental part of our decision-making process for adopting cryptocurrencies – with our goal of becoming carbon neutral by 2030.”
Related: Crypto payment option for Honda cars is only available through third party platform.
According to industry analysts, the share of Bitcoin mining power from renewable sources will exceed 50% by mid-September 2023. However, Elon Musk still rejects the BTC payment option after Tesla stops such payments in 2021 due to carbon concerns.
“Tesla still accepts Dogecoin, and Elon continues to be a crypto supporter,” noted CoinFlip CEO Weiss, adding that Tesla's founder could promote crypto adoption by promoting the social media platform X (formerly Twitter). he said:
“Elon has a lot of experience with payments in the PayPal era and if Elon decides to bring payments to X, as many expect, crypto will be the natural payment rail.”
In a publicly available document titled “What You Should Know If You're Using Bitcoin,” Tesla outlined several facts about the cryptocurrency, including the fact that Bitcoin payments are irreversible.
“This is how the Bitcoin network works – nothing can be done. So please make sure you enter the correct Bitcoin value in the amount field and the correct Bitcoin address in the recipient field,” the document reads.
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