The world of cryptocurrencies is making its way into the mainstream, thanks to the recent announcement from luxury brand Ferrari. The iconic car manufacturer has revealed that it now accepts digital currencies as payment for its high-end vehicles. Initially, this option is available exclusively to customers in the United States, with plans to expand into the European Union in response to growing demand.
This move by Ferrari underscores the growing connection between automobile companies and the world of digital currencies. Tesla made waves in 2021 when it began accepting Bitcoin (BTC) for its cars. However, Tesla later reversed this decision, citing concerns about the high environmental impact of the cryptocurrency, which did not align with its sustainability objectives.
Ferrari, on the other hand, is more optimistic about the environmental impact, as many cryptocurrency protocols have become more energy-efficient. Despite embracing crypto, Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, reiterated the company’s commitment to achieving carbon neutrality by 2030.
As cryptocurrencies gain broader acceptance, Galliera emphasized the need for Ferrari to adapt its terms to accommodate customers with significant digital currency holdings. He pointed out that their clientele includes both young investors who have amassed wealth through cryptocurrencies and more traditional investors seeking diversification opportunities.
Ferrari has partnered with BitPay to facilitate cryptocurrency payments.
Customers can use cryptocurrencies like Bitcoin, Ethereum (ETH), XRP, and others, which are supported by this prominent payment processor, to purchase high-end cars starting at approximately $211,000. To mitigate the effects of cryptocurrency price volatility, BitPay will convert digital assets into fiat currencies, ensuring that Ferrari’s dealers are shielded from sudden price fluctuations.
BitPay’s role extends beyond this partnership, as it plays a pivotal role in enabling various use cases involving digital currencies for real-world asset payments. Importantly, Ferrari reassured its customers that using cryptocurrencies for payments will not result in any changes to prices, fees, or surcharges, providing a seamless and secure purchasing experience.