Ferrari Responds to Rising Demand by Accepting Cryptocurrency Payments for Luxury Sports Cars

"Some are young investors who made their fortune with cryptocurrencies".

SMEBROctober 17, 10:15
Ferrari Accepts Cryptocurrency for Luxury Sports Cars Amid Rising Demand

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Ferrari has started letting customers pay with cryptocurrency to buy its high-end sports cars in the United States. The company said it made the move after requests from clients and dealers. Many Ferrari buyers have invested in crypto.

Ferrari will expand the payment option to Europe next year. It is working with crypto processor BitPay for transactions in bitcoin, ether, and stablecoin USDC.

Ferrari has ensured that cryptocurrency payments will not result in price changes, fees, or additional surcharges. BitPay will promptly convert cryptocurrency payments into conventional currency on behalf of Ferrari's dealers, shielding them from the volatility of digital currencies.

In a recent interview, Galliera stated that cryptocurrencies are actively working to reduce their environmental footprint through software enhancements and increased reliance on renewable energy sources. He also reaffirmed Ferrari's commitment to achieving carbon neutrality across its entire value chain by 2030.

The decision to accept cryptocurrency payments was driven by feedback from the market and dealers, as a substantial portion of Ferrari's client base has invested in cryptocurrencies.

Ferrari delivered over 1,800 vehicles to the States in the first half of 2022. Its order books are full well into 2025. But Ferrari wants to connect with new crypto-rich clients who might buy their luxurious sports cars.

Ferrari's marketing chief Enrico Galliera said, "Some are young investors who made their fortune with cryptocurrencies". 

Ferrari's decision to adopt cryptocurrency payments reflects its commitment to meeting customer demands and exploring new avenues for growth. By accepting this relatively new payment option, Ferrari aims to make its luxury sports cars accessible to a wider audience while maintaining the integrity of its brand.