All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Ferrari, the world-renowned luxury Italian automaker, now accepts Bitcoin (BTC), Ripple (XRP), Shiba Inu (SHIB), and other cryptocurrencies for its cars in the United States.
- Prices remain unaffected, and there are no additional fees or surcharges when making payments with cryptocurrencies, as confirmed by Ferrari’s CMO.
In an exciting development for crypto enthusiasts and luxury car aficionados alike, Ferrari, the esteemed Italian luxury automaker, has opened its doors to a new wave of potential customers. Americans can now acquire their dream Ferrari cars using cryptocurrencies such as Bitcoin, Ethereum (ETH), or the USDC stablecoin. This remarkable move is made possible through a strategic partnership with crypto-payment processor BitPay, responsible for facilitating the seamless conversion of digital assets into fiat currency on behalf of Ferrari dealers, along with conducting the requisite due diligence.
Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, shared the company’s motivation behind this groundbreaking initiative in an interview with Reuters. He emphasized that this decision aims to engage a younger, cryptocurrency-savvy audience that may not have previously been part of Ferrari’s traditional clientele. Galliera stated,
“Some are young investors who have built their fortunes around cryptocurrencies. This will help us connect to people who are not necessarily our clients but might afford a Ferrari.”
In addition, Collin Brown tweeted,
Billion-Dollar car manufacturer #Ferrari to accept #Bitcoin (#BTC), #Ripple (#XRP), #ShibaInu (#SHIB) and other cryptocurrencies for its cars in the US! – Reuters
"Prices will not change; there are no fees or surcharges when paying with cryptocurrencies." – CMO Ferrari🚀🚀🚀 pic.twitter.com/oZEUIoYZLV
— Collin Brown (@CollinBrownXRP) October 14, 2023
Ferrari now joins the ranks of automakers that embrace cryptocurrency payments, alongside brands like Lamborghini, Nissan, and BMW. However, it’s worth noting that Tesla, an electric vehicle giant, had previously allowed Bitcoin purchases for its cars but ceased the practice in 2021 due to concerns about the environmental impact of Bitcoin mining. Galliera acknowledged the evolving landscape of cryptocurrencies, highlighting recent efforts to make them more environmentally friendly as a contributing factor to Ferrari’s decision to embrace the leading cryptocurrency, Bitcoin.
In its second-quarter earnings report, Ferrari disclosed that approximately 17.5% of its vehicle shipments were destined for the Americas, with 869 vehicles delivered. Notably, Ferrari’s latest model, the 812GTS, commands a hefty price tag of nearly $430,000, which roughly equates to 15 Bitcoin at the current exchange rate.
While Ferrari’s move into cryptocurrency payments is undoubtedly significant, it’s not the first instance of high-end products being acquired with digital assets. Cryptocurrency holders have previously had the opportunity to rent luxury yachts, purchase premium footwear, and even consider acquiring London’s most expensive residential property. However, perhaps the most extravagant use of cryptocurrency as a payment method is for space flights, with Virgin Galactic, owned by Lord Richard Branson, accepting Bitcoin from affluent customers for this truly out-of-this-world experience.
With Ferrari now embracing cryptocurrencies for its iconic sports cars, the world of luxury and crypto continues to converge, offering new possibilities for enthusiasts on both sides of the spectrum. Stay tuned for further developments in this exciting intersection of cutting-edge technology and automotive excellence.
