Luxury sports car enthusiasts in the United States have reason to celebrate. Ferrari, the renowned Italian automaker, has made a groundbreaking move by accepting cryptocurrency for its high-end vehicles. This bold step responds to increasing demand from its affluent clientele and marks a significant shift in the automotive industry.
Ferrari to accept crypto as payment for its cars in the US https://t.co/e2VWHnGHFI pic.twitter.com/JvkLKRJGf7
— Reuters (@Reuters) October 14, 2023
A recent interview with Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, revealed that Ferrari is embracing cryptocurrencies like Bitcoin, XRP, and Shiba Inu (SHIB) for car purchases. This initiative is reportedly set to extend to Europe in the near future. The move starkly contrasts the cautious approach many blue-chip companies have taken towards cryptocurrencies due to their notorious volatility and regulatory concerns.
Ferrari’s decision to accept cryptocurrency is not just about catering to customer preferences; it’s also aligned with its commitment to environmental sustainability. Galliera emphasized that the company aims to achieve carbon neutrality across its entire value chain by 2030. Cryptocurrencies have been reducing their carbon footprint, making them a more attractive option for environmentally-conscious consumers.
Ferrari’s decision to embrace cryptocurrency is not limited to catering to tech-savvy millennials. Galliera revealed that their clientele includes young investors who’ve amassed fortunes in the crypto space and more traditional investors looking to diversify their portfolios. This move opens the doors for a broader range of potential Ferrari buyers.
The initial phase of Ferrari’s crypto payment system is facilitated by BitPay, one of the leading cryptocurrency payment processors. Customers can make payments in Bitcoin, XRP, and USDC, a stablecoin. Importantly, Ferrari has ensured that the cryptocurrency payments will be converted into traditional currency immediately, shielding both the company and its dealers from the inherent price volatility of the crypto market.
While Ferrari hasn’t disclosed specific sales targets for cryptocurrency payments, Galliera noted that their order portfolio is robust, with bookings secured until 2025. This move will help Ferrari connect with a broader audience, potentially turning cryptocurrency enthusiasts into proud Ferrari owners.
