Ferrari, the renowned luxury Italian automaker, now extends a crypto-friendly hand to American customers. The carmaker is breaking new ground by permitting Americans to purchase high-end sports cars using Bitcoin, Ethereum, or USDC. To facilitate this, Ferrari has partnered with BitPay. This crypto-payment processor will oversee the conversion of digital asset payments into fiat currencies on behalf of Ferrari dealers.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, explained in an interview with Reuters that this decision aims to attract a younger clientele who have amassed wealth through cryptocurrencies and might not have been traditional Ferrari customers. “Some are young investors who have built their fortunes around cryptocurrencies,” said Galliera. “This will help us connect to people who are not necessarily our clients but might afford a Ferrari.”
But Ferrari was not the start
Ferrari is joining a growing list of automakers and dealerships in the United States that accept cryptocurrencies for car purchases. Apart from Lamborghini, select dealerships for prominent brands like Nissan and BMW also allow customers to use Bitcoin and other cryptocurrencies to acquire vehicles.
While Tesla was once at the forefront of Bitcoin payments, they discontinued this practice in 2021 due to concerns raised by CEO Elon Musk about the environmental impact of Bitcoin mining. Ferrari’s decision to embrace cryptocurrencies, according to Galliera, is influenced by recent efforts to make digital currencies more environmentally sustainable.
Ferrari’s recent second-quarter earnings report, the company noted that 869 vehicles were delivered to America. The cost of Ferrari’s latest model, the 812GTS, is around $430,000, or approximately 15 Bitcoin at the time of writing.
The use of cryptocurrencies to purchase luxury cars has started the trend. Various high-end items, including yachts, shoes, and even London’s most expensive residence, have been available for crypto payments. However, one of the most extravagant options has to be paying for spaceflights in Bitcoin, a service accepted by Virgin Galactic, owned by Lord Richard Branson, catering to affluent customers looking to explore the cosmos.
