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  • Writer's pictureJamal Saafir

Ferrari Finds Value In Bitcoin and Cryptocurrency Payments

According to a report from BeInCrypto, luxury car manufacturer Ferrari is delving into crypto by taking Bitcoin and other digital assets as payment to purchase its coveted vehicles in the United States.

Ferrari shed light on its intention to accept cryptocurrency payments for its vehicles in the US, with anticipation to expand this service to the European market in the coming future. Potential buyers will have the ability to obtain cars using Bitcoin, Ethereum, and USDC.

Ferrari has positioned themselves ahead of companies that have been reluctant to embrace cryptocurrencies because of their volatility and lack of regulatory clarity.

Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera expressed that crypto adoption lines up with the company’s 2030 carbon neutrality target.

Galliera mentioned that the decision was motivated by increasing market and dealer demands for cryptocurrency payment options.

It is also an endeavor to draw young investors with sizable cryptocurrency wealth.

Ferrari’s target demographic reaches beyond the younger generation, including traditional investors looking to expand their portfolios.

In an interview with Reuters, Galliera said: “This will help us connect with people who are not necessarily our clients but might be able to afford a Ferrari.”

The renowned luxury automaker will roll out cryptocurrency payments in Europe by the first quarter of 2024. The company also intends to reach into other crypto-friendly regions.

Ferrari is collaborating with BitPay, a BTC payment processor, to enable these cryptocurrency payments.

Galliera confirmed that Ferrari will not impose additional fees or surcharges for cryptocurrency transactions.

According to him, BitPay will exchange the crypto payments for traditional fiat currency, thereby shielding dealers from

the crypto market’s characteristic volatility.

Ferrari is not the first luxury car manufacturer to accept Bitcoin. Last year, electric vehicle (EV) manufacturer Tesla accepted Bitcoin for a brief moment, but deserted the payment option due to environmental concerns.

Tesla still holds a significant amount of Bitcoin.

While regulatory uncertainty has hindered institutional adoption of the most notable digital asset, Bitcoin has yielded increasing support among institutional entities.

Over the past year, several asset managers, including BlackRock, have applied for a spot Bitcoin ETF, signaling a recovery from the collapse that followed the fall of crypto exchange FTX.

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