Ferrari, the luxury car manufacturer, has embraced Bitcoin by allowing customers to purchase its high-end sports cars using Bitcoin. This payment option is now available in the United States and will soon expand to Europe, responding to increasing demand from wealthier customers.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, recently told Reuters that with the growing popularity of digital assets, the company recognized the need to adapt and accommodate customers who have invested in Bitcoin. This includes both young investors who have amassed wealth through cryptocurrencies and more traditional investors looking to diversify their portfolios.
Ferrari Partners with BitPay
To facilitate cryptocurrency payments, Ferrari has partnered with the renowned payment processor BitPay. This collaboration enables customers to purchase high-end cars with starting prices of around $211,000 by using several digital assets supported by BitPay.
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Importantly, BitPay will immediately convert the Bitcoin payments into traditional currency, safeguarding Ferrari and its dealers from price fluctuations. Galliera stated:
“This was one of our main goals: avoiding, both our dealers and us, to directly handle cryptocurrencies and being shielded from their wide fluctuations.”
Interestingly, BitPay’s role in this partnership extends beyond processing payments; it will also ensure that the digital assets used for transactions originate from legitimate sources and not from criminal activities, money laundering, or tax evasion.
Ferrari impressively delivered over 1,800 cars to its Americas region during the first half of 2023. While Galliera didn’t specify the exact number of cars anticipated to be sold through digital assets, he highlighted the company’s robust order portfolio, which is already fully reserved until 2025.
By offering Bitcoin payment options, Ferrari aims to connect with a wider audience, including those who may not be traditional Ferrari clients but can now afford to own one of the iconic luxury sports cars. This strategic shift underscores the evolving intersection of high-end vehicles and the Bitcoin world.
Ferrari’s adoption of cryptocurrency aligns with the broader trend of car brands embracing digital assets. For instance, Tesla initiated a similar move in 2021 by accepting Bitcoin as payment for its vehicles. However, Elon Musk’s company later reversed this decision due to concerns about Bitcoin’s “environmental impacts”.
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Notably, Galliera acknowledged the digital assets’ efforts to reduce their carbon footprint by introducing new technologies and making greater use of renewable sources. Moreover, he reiterated Ferrari’s goal of attaining carbon neutrality by 2030.
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