Ferrari accepts Bitcoin: American buyers will use cryptocurrency to purchase cars

Luxury carmaker Ferrari has announced that it will accept Bitcoin, Ethereum, and USDC as payment options for car purchases in the U.S. market. The move is part of Ferrari’s strategy to connect with a younger, more affluent audience and in line with its carbon neutrality goals. The company has partnered with BitPay to facilitate these cryptocurrency transactions.

Luxury carmaker Ferrari is accelerating its entry into the cryptocurrency space, accepting Bitcoin and other digital assets as payment for car purchases in the United States.

Ferrari has announced its intention to welcome cryptocurrency payments in the U.S. market, with plans to expand the service to Europe soon. Prospective car buyers will be able to pay for their cars using Bitcoin, Ethereum, and USDC.

Ferrari’s adoption of cryptocurrency

The move sets Ferrari apart from some of the larger companies that have balked at cryptocurrencies due to volatility and regulatory uncertainty.

Ferrari’s chief marketing and commercial officer Enrico Galliera explained that this cryptocurrency adoption is in line with the company’s 2030 carbon neutrality goal.

Galliera noted that the move was prompted by the increasing demand from the market and dealers for cryptocurrency payment options.

It’s also an effort to attract younger investors with significant cryptocurrency wealth.

Ferrari’s target audience is not limited to the younger generation, but also includes traditional investors who are looking to diversify their portfolios. Galliera said:

"It will help us connect with people who are not necessarily our customers but who could potentially afford a Ferrari."

The famous luxury car manufacturer will introduce cryptocurrency payments in Europe in the first quarter of next year. The company also plans to expand to other regions that support cryptocurrencies.

Partnering with Bitpay

Ferrari has partnered with bitcoin payment processor BitPay to facilitate the use of these cryptocurrencies for payments.

Galliera confirmed that Ferrari will not charge additional fees or surcharges for cryptocurrency transactions.

According to him, BitPay will convert cryptocurrency payments into traditional fiat currencies, thus protecting dealers from the volatility inherent in the industry.

Meanwhile, Ferrari is not the first luxury car manufacturer to accept Bitcoin. Last year, electric car giant Tesla briefly accepted the digital asset but abandoned the payment mode due to environmental concerns.

The company led by Elon Musk still holds a large amount of Bitcoin.

Institutional adoption of Bitcoin

While the lack of clear regulatory standards has hampered institutional adoption of this flagship digital asset, Bitcoin has seen increasing acceptance among institutional entities.

Over the past year, several asset managers, including BlackRock, have filed for spot bitcoin exchange-traded funds (ETFs), a trend that suggests the market is recovering from last year’s crash.