Ferrari, the iconic luxury sports car manufacturer, is making a bold move into the world of cryptocurrencies by accepting digital assets as payment for its cars in the United States. According to the company’s Chief Marketing and Commercial Officer, Enrico Galliera, this groundbreaking decision is in response to growing requests from wealthy customers, and the program will soon be extended to Europe.
While many blue-chip companies have been hesitant to embrace cryptocurrencies due to their volatility and regulatory uncertainties, Ferrari sees an opportunity to cater to a specific segment of its clientele. Notably, electric carmaker Tesla had briefly accepted bitcoin as payment in 2021 before halting the practice over environmental concerns.
Enrico Galliera emphasized that Ferrari is committed to carbon neutrality by 2030 across its entire value chain. He acknowledged the environmental concerns associated with some cryptocurrencies but pointed out that efforts were being made to reduce carbon footprints through the introduction of new software and increased use of renewable sources.
The decision to accept cryptocurrency comes as a response to market demands and requests from dealers, given that a significant number of Ferrari’s clients have invested in digital assets. Galliera explained that some of these clients are young investors who have amassed fortunes through cryptocurrencies, while others are more traditional investors looking to diversify their portfolios.
Ferrari has partnered with BitPay, one of the leading cryptocurrency payment processors, for the initial phase of this initiative in the U.S. Customers will be able to make payments using bitcoin, ether, and USDC (a stablecoin pegged to the U.S. dollar). The use of BitPay ensures that the cryptocurrency payments are immediately converted into traditional currency, protecting both Ferrari and its dealers from the inherent price volatility of digital assets.
In Galliera’s words, “Prices will not change, no fees, no surcharges if you pay through cryptocurrencies.” The move is seen as an innovative way for Ferrari to connect with a broader audience, including those who might not traditionally consider purchasing a Ferrari.
The luxury car manufacturer plans to extend the cryptocurrency payment option to Europe in the first quarter of next year, with further expansion into regions where cryptocurrencies are legally accepted. This move aligns with Ferrari’s goal to explore new avenues while maintaining its strong order portfolio, fully booked into 2025.
Despite concerns about the energy efficiency of certain cryptocurrencies, Ferrari’s decision reflects a growing acceptance of digital assets in various industries. As the luxury carmaker accelerates into the world of crypto, it signals a shift in how high-end purchases can be conducted in the ever-evolving landscape of digital finance.
[Note: Currency conversion used – $1 = 0.9495 euros]