It’s now possible to buy a Ferrari with cryptocurrencies

In February 2021, Tesla, under the leadership of Elon Musk, created the event by announcing that it was accepting cryptocurrency payments. However, this initiative was suspended three months later for environmental reasons. A major turning point came on October 14, 2023, when Ferrari, the legendary Italian luxury car brand, declared that it would henceforth accept cryptocurrency payments.

It’s now possible to buy a Ferrari with cryptocurrencies

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Reasons for acceptance

This innovative service will begin in the United States before expanding to Europe in the first quarter of 2024.

According to Enrico Galliera, Ferrari's director of marketing and sales, the decision stems from the growing demand from affluent customers and the desire to attract a new generation of consumers who have thrived on cryptocurrencies.

Partnership with BitPay

Ferrari will accept payments in Bitcoin, Ethereum and USDC (Circle), offering customers a range of choices in their digital transactions.

To facilitate these transactions, Ferrari has chosen BitPay as its cryptocurrency payment service provider. BitPay will instantly convert cryptocurrency payments into traditional currency on behalf of Ferrari dealers, minimizing the risks associated with price fluctuations.

It's important to note that these cryptocurrency payments will not result in any changes to Ferrari car prices. What's more, no additional fees will be imposed on customers, making this new payment option particularly attractive.

Ferrari, the new Lambo?

  1. Ferrari's initiative marks a turning point in the luxury automotive industry, demonstrating the adaptation of this Italian icon to the emergence of financial technologies. This bold choice also highlights the growing importance of cryptocurrencies in the business world, paving the way for a new era of transactions.
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Source: https://www.reuters.com/business/autos-transportation/ferrari-accept-crypto-payment-its-cars-us-2023-10-14/ - consulted on 25.10.2023

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