Ferrari Now Accepts Crypto Payments in the US
While Lamborghini has often been associated with crypto enthusiasts, Ferrari, the world’s leading luxury automotive brand, is now targeting HODLers in the United States. Americans can now purchase Ferrari sports cars using Bitcoin, Ethereum, or the USDC stablecoin. To facilitate the conversion from digital assets to fiat currency on behalf of Ferrari dealerships and perform necessary due diligence, the carmaker has partnered with crypto-payment processor BitPay.
Ferrari’s Strategy to Attract New Customers
In an interview with Reuters, Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera explained that this move is aimed at reaching a younger generation of customers who may not typically be considered part of their clientele. Galliera stated that “some are young investors who have built their fortunes around cryptocurrencies,” and accepting crypto payments will help Ferrari connect with individuals who can afford their luxury vehicles but may not be traditional Ferrari customers.
Joining Other Automakers in Accepting Cryptocurrency
Ferrari is joining a growing list of automakers that allow customers to purchase cars using cryptocurrency. In addition to Lamborghini, individual dealerships for Nissan and BMW also accept Bitcoin and other cryptocurrencies as payment for vehicles across the United States.
The Rise and Fall of Tesla’s Bitcoin Acceptance
Tesla was previously known for accepting Bitcoin as payment for its electric vehicles. However, the company discontinued this practice in 2021 when CEO Elon Musk raised concerns about the environmental impact of Bitcoin mining. Galliera highlighted recent efforts to make cryptocurrencies more climate-friendly as a factor in Ferrari’s decision to accept Bitcoin.
Ferrari’s Market Performance and Pricing
According to Ferrari’s second-quarter earnings report, 17.5% of the company’s shipments were delivered to the Americas, amounting to 869 vehicles. The cost of Ferrari’s latest model, the 812GTS, is close to $430,000, which is equivalent to approximately 15 Bitcoin at the time of writing.
Crypto Payments for Luxury Goods
While Ferraris are luxurious, they are not the first high-end products to be purchased with Bitcoin. Crypto holders have been able to rent luxury yachts, buy luxury shoes, and even have the option to purchase London’s most expensive residence (which is not actually for sale). However, paying for space flights in Bitcoin offered by Richard Branson’s Virgin Galactic remains one of the most extravagant options available.
Hot Take: Ferrari Opens Doors to Crypto Community
Ferrari’s decision to accept cryptocurrency payments in the United States demonstrates the growing acceptance and integration of digital assets into mainstream industries. By embracing cryptocurrencies like Bitcoin and Ethereum, Ferrari is not only attracting a new customer base but also acknowledging the changing financial landscape. This move highlights the increasing importance of crypto assets as a means of transaction and investment. As more luxury brands follow suit, it further validates the role of cryptocurrencies in shaping the future of commerce.
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