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Ferrari to Embrace Cryptocurrency as Payment Option for Luxury Sports Cars

Italian carmaker Ferrari has started accepting cryptocurrencies as a payment option for its luxury sports cars in America and plans to expand this option to Europe as well.

The decision to accept cryptocurrencies came after requests from wealthy customers and dealers.

“Some of the customers are young investors who have made their fortunes from cryptocurrencies. Others are more traditional investors looking to diversify their portfolios,” Ferrari Chief Marketing and Commercial Officer Enrico Galliera told Reuters on Saturday.

In the first half of 2023, Ferrari sold over 1,800 cars in the wider Americas region, which includes the U.S. market. However, Mr. Galliera did not specify how many cars the company expects to be purchased using cryptocurrency.

Ferrari will accept Bitcoin, ether, and the USD Coin, and there will be no difference in cost regardless of the currency used, whether crypto or traditional. This is made possible through Ferrari’s partnership with payment processor BitPay, which will convert crypto payments into traditional money immediately.

“This was one of our main goals: to avoid direct handling of cryptocurrencies by both our dealers and us, and to shield ourselves from their wide fluctuations,” explained Mr. Galliera to Reuters.

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