Ferrari Gears Up to Accept Crypto, Eyeing Young Buyers

Ferrari accelerates into the world of cryptocurrency, satisfying customer demand and signaling a shift in the luxury automotive landscape.

Happy man in the sky with thumbs up are catching Bitcoins on the floating road.
Created by Kornelija Poderskytė from DailyCoin
  • Ferrari has boldly entered cryptocurrency payments, driven by new market demand.
  • Ferrari’s order books have been filled to capacity, with reservations stretching into 2025.
  • The company has set sights on European expansion as its next step in the crypto-friendly landscape.

Ferrari, the iconic luxury sports car manufacturer, is set to cater to the growing demand from its customers in the United States by embracing cryptocurrency payments. Additionally, the company has revealed plans to extend this crypto-friendly approach to its European market.

Ferrari Accelerates into Crypto Payments 

Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, has officially confirmed the luxury automaker’s intent to dive into digital currencies. Ferrari has observed a surge in interest from various clientele, notably young and crypto-savvy investors.

While specific figures regarding the number of vehicles Ferrari anticipates selling through cryptocurrency transactions remain undisclosed, Galliera did emphasize that the company’s order books are brimming, with reservations stretching to 2025. 

This strategic move aims to tap into an ever-expanding market and reach potential buyers beyond its traditional customer base. The company’s ambition extends beyond the United States. Ferrari intends to introduce cryptocurrency payment options in Europe during the first quarter of 2024, with further expansion into crypto-friendly regions on the horizon.

Ferrari Joins Forces with Crypto Processor BitPay

For its initial foray into the U.S. market, Ferrari has solidified a partnership with BitPay, a prominent cryptocurrency payment processor. This collaboration paves the way for transactions involving Bitcoin, Ethereum, and USDC.

However, this step contrasts with the approach of other major corporations, many of whom have hesitated to embrace cryptocurrencies due to their price volatility and concerns about practicality in transactions. 

One notable example is Tesla, the electric vehicle manufacturer, which had initially ventured into accepting Bitcoin as payment in 2021 but subsequently halted the practice, citing environmental concerns.

On the Flipside

  • A significant portion of the population, particularly in older demographics, may not be comfortable or familiar with digital currencies.
  • Ferrari’s entry into this space may expose the company to regulatory changes and compliance challenges in different regions.
  • Financial institutions and governments do not universally accept cryptocurrency. As a result, Ferrari’s foray into this payment method may necessitate additional legal and financial complexities.

Why This Matters

Ferrari’s bold move to accept cryptocurrency payments reflects the growing acceptance of digital currencies and signals a shift in the luxury market. As an iconic brand, Ferrari’s entry into the crypto space underscores the increasing mainstream adoption of cryptocurrencies and their relevance in high-end industries.

To learn more about how Ducati and Ripple are connecting fans with historic NFTs, read here:
Ducati and Ripple Aim to Connect Fans with Historic NFTs

For the latest on the SEC’s green light for Grayscale’s pursuit of a Bitcoin ETF, read here:
SEC’s Green Light Allows Grayscale’s Quest For Bitcoin ETF

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.