Ferrari, the renowned luxury Italian automaker, has announced that it will be accepting payments in Bitcoin, Ethereum, and USDC stablecoin for its sports cars in the United States. The company has partnered with BitPay, a crypto-payment processor, to handle the conversion of digital asset payments into fiat currency on behalf of Ferrari dealers.
The move is aimed at attracting a new generation of customers, including young investors who have amassed their wealth through cryptocurrencies. Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, stated that accepting crypto payments will enable the company to connect with individuals who might not typically be considered their clientele but have the means to purchase a Ferrari.
Ferrari joins a growing list of automakers that allow customers to buy cars with crypto. In addition to Lamborghini, individual dealerships for Nissan and BMW also accept Bitcoin and other cryptocurrencies as payment in the United States.
While Tesla was once prominent in accepting Bitcoin for car purchases, the company discontinued the practice in 2021 due to concerns over the token’s environmental impact. However, Ferrari’s marketing chief pointed out recent efforts to make cryptocurrencies more climate-friendly as a factor in their decision to accept Bitcoin.
In the second quarter earnings report, Ferrari revealed that approximately 17.5% of its shipments were made to the Americas, with 869 vehicles delivered. The cost of Ferrari’s latest model, the 812GTS, is around $430,000, which equates to approximately 15 Bitcoin at the current exchange rate.
Ferrari’s acceptance of cryptocurrency payments is not the first instance of luxury items being purchased with Bitcoin. Crypto holders have previously been able to rent luxury yachts, buy high-end shoes, and even explore the option of purchasing London’s most expensive residence. Additionally, Virgin Galactic, owned by Lord Richard Branson, accepts Bitcoin payments from wealthy customers for space flights.
