Ferrari accepts cryptocurrency payments

Car company Ferrari has started accepting cryptocurrency payments for purchases of its luxury sports cars in the US.

The Ferrari supercar market has accepted cryptocurrency.

After receiving requests from wealthy customers, the car company is expected to expand this mechanism to the European market.

Most large companies on the stock market have avoided accepting payments in cryptocurrencies because of the volatility of Bitcoin and other tokens in commercial transactions. Some regulations and the high energy consumption of cryptocurrencies also prevent them from becoming a popular means of payment.

Previously, electric car company Tesla started accepting payments in Bitcoin from 2021, but CEO, billionaire Elon Musk withdrew this decision due to environmental concerns.

Speaking to the press, Mr. Enrico Galliera, Director of Marketing and Commercial of Ferrari said that the cryptocurrency has made many efforts to reduce CO2 emissions through the application of new software and increased use of renewable energy sources. In an interview with the press, Mr. Galliera emphasized that the company is determined to achieve the goal of neutral emissions by 2030 across its entire value chain.

Ferrari said the decision was made in response to market and brokerage expectations, as many of its clients have invested in cryptocurrencies. Some are young investors who have built their fortunes in cryptocurrencies, while others are traditional investors who want to diversify their funds, the official said.

While some cryptocurrencies like Ether (the second largest after Bitcoin) have improved energy efficiency, Bitcoin is still criticized for being energy-intensive.

The Italian carmaker sold 13,200 cars in 2022, with prices starting at more than 200,000 euros ($211,000) and going up to 2 million euros. The company plans to expand its cryptocurrency scheme to Europe in the first quarter of 2024 and then to other regions once cryptocurrency is legally recognized.

Europe, the Middle East and North Africa is Ferrari's largest market, accounting for 46% of all cars sold in the first half of this year.

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