Ferrari, the renowned luxury sports car manufacturer, has initiated the acceptance of cryptocurrency payments for its vehicles in the United States, with plans to extend this option to European markets in response to customer demand.
Enrico Galliera, Chief Marketing and Commercial Officer of Ferrari, revealed to Reuters that cryptocurrency platforms are actively pursuing eco-friendly initiatives, such as implementing new software and increasing their use of renewable energy sources.
Strategic Partnership with Digital Payment Systems
This strategic partnership with digital payment systems aligns with Ferrari’s ambitious goal to achieve carbon neutrality across its entire value chain by 2030.
While Galliera did not specify the number of cars Ferrari expects to sell through cryptocurrency transactions, he noted that the company’s order backlog is robust, with bookings secured well into 2025.
Some of Ferrari’s clients, according to the company, are young investors who have amassed wealth through cryptocurrencies. Enabling cryptocurrency payments aims to foster customer patronage and streamline the payment process for this demographic. Galliera explained, “This will help us connect with people who are not necessarily our clients but might afford a Ferrari.”
Ferrari, which sold 13,200 cars in 2022, with prices ranging from over €200,000 to €2 million, intends to expand its cryptocurrency payment option to Europe in the first quarter of the next year, and subsequently, to other regions where cryptocurrency is legally accepted.
No Hidden Charges Associated with Ferrari Cars
Despite embracing cryptocurrency payments , Ferrari emphasizes that there will be no hidden charges or additional fees associated with these transactions. Interest rates for cryptocurrency payments will remain consistent across regions.
Galliera affirmed, “Prices will not change, no fees, no surcharges if you pay through cryptocurrencies. Interest is the same in the US and Europe; we don’t see huge differences.”
While many prominent companies have been cautious about adopting cryptocurrency due to the significant price volatility of tokens like Bitcoin, Ferrari believes that ease of transaction will encourage more of its US dealers to embrace cryptocurrency as a viable payment method. Galliera expressed confidence, stating, “I am confident others will join soon.”
It is worth noting that the proliferation of cryptocurrencies as a payment option has faced obstacles due to varying regulatory measures and substantial energy consumption concerns.
Some notable companies, such as Tesla, have fluctuated in their acceptance of cryptocurrency as a payment method, driven in part by environmental considerations.