Ferrari is stepping into the cryptocurrency game as they’re now letting their loyal customers in the United States pay for their top-notch sports cars using digital coins. And the good news is, they’re planning to roll this feature out in Europe too as many of their customers have requested for it!
Now, you might wonder why most big companies stay away from crypto. Well, the truth is, it’s like a rollercoaster ride. The value of Bitcoin and other cryptocurrencies goes up and down like crazy. Plus, there are all those pesky rules and energy issues that make using crypto a real challenge.
Ferrari’s marketing and commercial guru, Enrico Galliera, told Reuters that cryptocurrencies are trying to be more eco-friendly. They’re using fancy software and cleaner energy sources to be more responsible when they do their digital deals.
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Got Crypto to Burn? Now’s Your Chance to Own a Ferrari
So, the bottom line is, Ferrari is embracing the digital age and letting you buy their supercars with cryptocurrency. If you’re a crypto enthusiast with a need for speed, here’s your chance to hop in that digital trend and hit the road in style! “Our target is to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he said in an interview.
As many requests for crypto payments was made from the market, dealers and its customers, Ferrari finally relented and have made that a very real possibility. “Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors, who want to diversify their portfolios.”
Whilst certain cryptocurrencies such as ether have improved their energy efficiency, bitcoin still gets bad press for its energy-intensive mining practices on the odd occasion. During the first half of the year, Ferrari managed to ship more than 1,800 of its cars to the Americas region, which includes the United States.
Ferrari reportedly uses BitPay as its crypto payment processor in the U.S. Currently, it allows transactions in USDC, Bitcoin (BTC), and Ether (ETH). One of the good things about this payment option is that the company accepts crypto without any fees or surcharges. Prices will remain intact as well, Bitcoin.com reported.
Will This Move Pay Off for Ferrari?
While Galliera did not mention how many cars Ferrari was expected to sell through crypto, he said that the company’s order backlog was solid and fully booked well into 2025. It remains to be seen how this new payment method will pay off in the long run. “This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” he said.
Around 13,200 cars were sold globally in 2022 for the Italian company, with prices starting at over 200,000, going up to 2 million. Further plans have already been made to extend the crypto scheme to Europe by the first quarter of 2024, then to other regions where crypto is widely accepted.
The Middle East, Africa and Europe remains Ferrari’s biggest region, with 46% of its total car shipments in the first half of this year coming from these parts. “Interest is the same in the United States and Europe, we don’t see huge differences,” Galliera said. Countries where cryptocurrencies are restricted include China.
Conclusion
Ferrari has turned to one of the biggest cryptocurrency payment processors, BitPay, for the initial phase in the United States, and will allow transactions in bitcoin, ether and USDC, one of the largest so-called stablecoins. Ferrari might use other payment processors in different regions.
“Prices will not change, no fees, no surcharges if you pay through cryptocurrencies,” Galliera said. For more crypto news, check out player.me/category/news/crypto.
Frequently Asked Questions
When Will Ferrari Accept Crypto Payments in Europe?
The luxury car brand is also planning to introduce cryptocurrency payments in Europe by the first quarter of 2024, marking a significant leap into the world of digital finance. Responding to the growing demand from customers and dealers alike, this bold step signifies Ferrari’s commitment to innovation and customer engagement.
What Drove Ferrari to Accept This Payment Method?
He pointed out that the decision to embrace cryptocurrency payments was primarily driven by market demand and dealer requests. The crypto-savvy younger generation of investors has been increasingly investing in digital currencies, and Ferrari aims to cater to their preferences.
Will There Be Any Additional Fees or Surcharges?
One of the key advantages of this partnership is that customers will not incur any additional fees or surcharges when using cryptocurrency for their purchases. BitPay will facilitate the immediate conversion of cryptocurrency payments into conventional fiat currency for Ferrari’s dealers, safeguarding them from the volatility associated with cryptocurrency prices.
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