Reuters reports that Ferrari will start accepting cryptocurrency as a form of payment for luxury vehicle acquisitions.

Ferrari to Accept Cryptocurrency as Payment for Luxury Cars in the U.S.

Ferrari has announced that it will start accepting cryptocurrency as a payment method for its luxury cars in the United States. This move is in response to market demand and requests from dealers. Many of Ferrari’s clients are already invested in cryptocurrencies, making this a logical step for the company.

Expanding to Europe and Partnership with BitPay

Ferrari plans to expand this payment option to Europe in the near future. To facilitate cryptocurrency payments in the U.S., the company has partnered with BitPay, a prominent cryptocurrency payment processor. Customers will be able to pay using bitcoin, ether, and USDC, which will then be promptly converted into fiat currencies to protect dealers from crypto price volatility.

Excluding Countries with Cryptocurrency Restrictions

While Ferrari is embracing cryptocurrency payments, it will exclude countries with cryptocurrency restrictions, such as China, from its expansion strategy. This ensures that the company complies with local regulations and avoids any potential legal complications.

Attracting New Customers and Tesla’s Precedent

Although Ferrari’s order portfolio is already fully booked until 2025, the company sees accepting cryptocurrency as an opportunity to attract new customers. This payment method may appeal to individuals who are not traditional Ferrari clients but have the means to afford their luxury cars.

Tesla, an electric car manufacturer, previously accepted bitcoin as a form of payment but later suspended it due to environmental concerns raised by CEO Elon Musk.

Hot Take: Embracing Cryptocurrency Opens Doors for Ferrari

Ferrari’s decision to accept cryptocurrency as a payment method demonstrates its willingness to adapt to changing market demands and embrace new technologies. By partnering with BitPay, the company is making it easier for customers to purchase their luxury cars using popular cryptocurrencies like bitcoin and ether. This move not only caters to existing clients who are already invested in cryptocurrencies but also opens doors to potential new customers who may be attracted to this payment option. As the crypto industry continues to grow, more businesses are likely to follow Ferrari’s lead and explore cryptocurrency as a viable payment method.