After growing demand from its customers, Ferrari is beginning to accept cryptocurrency as payment for its luxury sports cars. Currently, the luxury carmaker is working with BitPay to accept bitcoin, ether, and USDC for purchases made in the U.S.—and is planning to expand to Europe next year.  Enrico Galliera, Chief Marketing and Commercial Officer at Ferrari, told Reuters that the company’s decision to accept crypto came from both dealers and the market itself, as investment in crypto continues to grow. In the interview, he noted: “Some are young investors who have built their fortunes around cryptocurrencies.

Some others are more traditional investors, who want to diversify their portfolios.” The State of Crypto Global cryptocurrency adoption continues to grow, with India leading the world in crypto adoption. Other countries, such as France, have become crypto-friendly thanks in large part to recent laws that support both digital currency issuers and traders. As a result, this has led to collaborations, including one between fast-food burger chain Burger King and Instpower. Although cryptocurrency adoption holds much promise, it continues to be sidelined for the same reasons it has been since the introduction of Bitcoin in 2009. These include high market volatility, lack of knowledge, vulnerability to hacking, and lack of regulation and infrastructure. Elon Musk—at first a strong proponent of cryptocurrency—began accepting cryptocurrency as payment for his Tesla vehicles in March 2021, only to backtrack a few months later, stating the company would no longer accept Bitcoin as payment due to concerns around its environmental impact. Similarly, JPMorgan Chase UK recently announced that it would be banning cryptocurrency payments via debit or outbound bank transfers.

According to a spokesperson for Chase UK, the firm has seen an increase in crypto scams targeting UK consumers, the company hopes to ensure the safety of its customers’ funds by taking the necessary steps needed. While there have been some bumps in the road for cryptocurrency—which many are working to iron out—demand is certainly there, as witness by Ferrari’s recent move in the space. While the company doesn’t have any set expectations for how many vehicles it plans to sell via crypto, Galliera told Reuters that its “order portfolio was strong and full booked well into 2025.”

By Connie Diaz De Teran
Oct 17, 2023 00:00
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