- Ferrari enabling Bitcoin and crypto purchases for luxury cars in the US and Europe.
- Move caters to requests from wealthy investors pouring money into crypto.
- Company using BitPay to shield itself from crypto volatility.
Ferrari has started allowing purchases of its luxury sports cars with cryptocurrency in the United States and plans to roll out the payment option in Europe next year according to Reuters.
According to Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, the move comes in response to rising demand from wealthy clients who have invested heavily in crypto. Some are young investors who built fortunes in cryptocurrency, while others are traditional buyers looking to diversify.
Ferrari is working with leading crypto processor BitPay, enabling transactions in bitcoin, ether, and USDC stablecoin. The automaker aims to shield itself and dealers from crypto volatility, with BitPay immediately converting payments to fiat currency.
Galliera stated Ferrari remains committed to its carbon neutrality goal despite crypto’s energy usage concerns, citing improvements in blockchain sustainability. The company shipped over 1,800 vehicles to the Americas in the first half of 2022.
Blue-Chip Embrace of Crypto Remains Rare
Ferrari is joining a very short list of major corporations accepting cryptocurrency payments. Most have shunned crypto purchases due to the tokens’ price swings and patchy regulation.
Tesla famously began accepting Bitcoin in 2021 before halting over environmental worries. Ferrari is now betting its ultra-high-net-worth clients will drive sustainable crypto adoption. But the automaker risks reputational damage if Bitcoin’s energy profile worsens.