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Ferrari, to now Accept Cryptocurrencies as Payment for its Luxurious Sports Cars in United States
Date: October 14, 2023
Location: Milan, Italy
THE SOIL – Recently, Ferrari, the well-known Italian carmaker listed on the RACE.MI stock exchange, accepted cryptocurrencies as payment for its luxurious sports cars in the US. The corporation plans to introduce this novel payment mechanism to its European clientele in response to specific requests.
The majority of well-known companies have avoided entering the cryptocurrency space since Bitcoin and other digital assets are unpredictable and therefore inappropriate for regular transactions. The considerable energy consumption of cryptocurrency and inconsistent legal frameworks have also functioned as barriers to its general acceptance as a workable payment method.
One of these is the electric car maker Tesla (TSLA.O), which started accepting bitcoin—the most well-known cryptocurrency—as payment in 2021. However, Elon Musk, the CEO of Tesla, later halted this practise because of concerns about the environment.
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Ferrari made Announcement in Response to Market and Dealer's Demands
Ferrari made its announcement in response to demands from dealers and the market, as a growing number of buyers were stepping into the cryptocurrency space. The high-end automotive maker said that it will shortly begin taking Bitcoin payments for its products. “With this move, we hope to meet the increasing demand from tech-savvy and cryptocurrency-investor clients by offering them a cutting-edge and practical payment alternative.”
Although the environmental impact of some cryptocurrencies, like Ethereum, the second most popular cryptocurrency, has improved, Bitcoin’s energy-intensive mining methods continue to contribute to its unfavorable reputation.
During the first half of this year, Ferrari supplied more than 1,800 cars to its Americas division, which includes the US.
Galliera declined to provide the exact quantity of cars Ferrari planned to sell using cryptocurrencies. He said that the company still had a sizable order backlog, with reservations going comfortably into 2025. However, Ferrari stated that it plans to delve deeper into this emerging field.
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Company Planning to Launch its Cryptocurrency Business Throughout Europe in First Quarter
With 13,200 cars sold in 2022 at a price that started at over €200,000 ($211,000) and went up to an astounding €2 million, the Italian company is actively planning to launch its cryptocurrency business throughout Europe in the first quarter of the following year. They then intend to expand into other parts of the world where bitcoin use is authorised by law.
In the US, Ferrari has forged a new alliance with BitPay, a well-known bitcoin payment processor. Through this partnership, cryptocurrency transactions involving ether, bitcoin, and USDC—a well-known stablecoin—will be made possible. Ferrari may look at other payment processing options in different parts of the world.
Bitpay to Convert Cryptocurrency Transactions into Fiat Money
For the benefit of Ferrari’s merchants, Bitpay will quickly convert cryptocurrency transactions into fiat money, protecting them from the swings in bitcoin values.