Ferrari now accepts cryptocurrencies as payment

For most, the world of cryptocurrencies might be completely foreign. However, virtual currencies have gained so much traction in recent years that they are now accepted as payment for a wide range of products, including books, electronics, flights, clothing and even cars.

And not just anyone, but one Ferrari . This was confirmed by Ferrari’s sales and marketing director, Enrico Galliera, announcing that the Italian firm has started accept payment of their cars with cryptocurrencies (Bitcoin, Ethereum and USDC) a decision that applies to the United States, although the next step will be to transfer this policy to Europe.

Ferrari is therefore following in the footsteps of You’re here , which in 2021 became the first automotive brand to allow the purchase of its electric vehicles with bitcoins. Of course, this commercial policy did not last long for the Californian manufacturer, which then reversed itself by arguing that these virtual currencies were polluting. Tesla’s Bitcoins pollute up to 1.8 million cars.

Precisely, the high energy consumption, in addition to the lack of regulation and the volatility of cryptocurrencies, have kept the vast majority of front-line companies away. This is why Ferrari is now setting a precedent in this regard.

Although at the signing of Prancing Horse It does not need customers – its order book is in fact covered until 2025 – if it has decided to adapt to a type of customer that it has had for a relatively short time.

These are people used to handling cryptocurrencies . And with the rise of virtual currencies, more and more people are using this digital means of exchange, also called alternative currency. Ferrari is aware of this and intends to make it easier for all these people if they plan to buy one of their cars.

This was revealed by Galliera in an interview with Reuters, emphasizing that Ferrari made the decision in response to market and dealer demands. “Some are young investors who have built their fortune around cryptocurrencies. Others are more traditional investors who want to diversify their portfolios.

As digital currencies fluctuate greatly, Ferrari wanted to protect itself from payment fluctuations by relying on the BitPay processor, which will immediately convert cryptocurrency payments into traditional currency on behalf of Ferrari dealers.

Additionally, BitPay will ensure that virtual currencies come from legitimate sources and not from criminal activities or money laundering and tax evasion operations.

“This was one of our main goals: to prevent our distributors and ourselves from directly manipulating cryptocurrencies and protect ourselves from their strong fluctuations,” Galliera said, adding that “the prices will not change, it will not “There will be no fees or surcharges if you pay with cryptocurrencies.”

Ferrari assures that the price of the car will not change due to payment in cryptocurrencies, the conversion will simply be done in dollars depending on the price of each cryptocurrency at that time. In this way it will be the same price for the buyer who pays in bitcoin and for the one who pays in dollars, the only thing that varies is the payment method.

The Italian company is making this decision now that cryptocurrencies have some stability and are more durable. And for some time now, steps have been taken to reduce its carbon footprint, through the introduction of new software and its increasing reliance on renewable energy sources, part of Ferrari’s goal of achieve carbon neutrality by 2030 throughout its activity. value chain.

That being said, and given that cryptocurrencies are an expanding universe, the Italian firm wanted to try it: “This will help us get in touch with people who are not necessarily our customers but who could afford a Ferrari . »