Ferrari accepts payments in cryptocurrency

The Italian automaker has begun accepting cryptocurrency payments for its supercars in the US and plans to expand this to Europe.

Ferrari's Chief Marketing and Commercial Officer, Enrico Galliera, told Reuters this week that they have begun accepting cryptocurrency payments in the US market. Initially, Ferrari will partner with BitPay to process payments. They currently accept Bitcoin, Ether, and USDC.

"The car prices remain unchanged, with no fees or surcharges," Galliera stated.

BitPay will instantly convert cryptocurrency payments to common currencies. This will avoid the risk of price fluctuations.

A Ferrari is on display at the exhibition. Photo: Reuters

Ferrari said the decision was based on market and dealer demand. Many of their customers are now investing in cryptocurrencies. "Some are young investors building their fortunes with cryptocurrencies. Some are traditional investors looking to diversify their portfolios," Galliera said.

In the first half of this year, Ferrari sold more than 1,800 cars in the Americas. Galliera did not say how many cars he expects to sell using cryptocurrency. "This will help us connect with people who are not yet customers, but who have the ability to buy a Ferrari," he said.

Ferrari cars have a starting price of over 200,000 euros (211,000 USD). Some can reach up to 2 million euros. They plan to expand their cryptocurrency payment program to Europe early next year and other regions once cryptocurrencies are legalized.

Many large companies are still wary of cryptocurrencies due to their volatile prices, which limit their potential for commercial use. Incomplete policy frameworks and the high energy consumption of mining also prevent cryptocurrencies from being widely used in payments.

Electric car manufacturer Tesla accepted Bitcoin payments in 2021. However, the program was later canceled due to CEO Elon Musk's concerns about its environmental impact.

Galliera said that new software and the use of renewable energy have helped them reduce carbon emissions. "Our goal of carbon neutrality by 2030 is entirely achievable," he said.

Ha Thu (according to Reuters)

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