Photo: Ferrari
The automotive world as we know it is coming to an end. What we have known for years about the industry is not valid anymore. Ferrari, one of the most conservationist automakers, will soon accept crypto as payment for its cars in the United States.
We have known Ferrari for being very strict when it comes to customers buying cars from them. They have to meet certain conditions and accept certain rules. Ferrari has always played it safe. But now they are practically going gambling, accepting payment in cryptocurrency for the cars that they sell in the US. This happens upon the request of customers who have been investing in crypto.
The payment scheme will soon be extended to Europe, following requests from wealthy customers who have been turning rich or richer due to crypto trading. The move was revealed for Reuters by Ferrari’s marketing and commercial chief, Enrico Galliera.
The volatility of the crypto market has kept the car industry away. Yet Ferrari is not the first. There are BMW, Tesla, and Lamborghini dealerships that would sell you a car for bitcoin.
Tesla started accepting bitcoin as payment in 2021, but it was Elon Musk who put an end to it due to environmental concerns. Asked about the issue, Ferrari’s CMO, Enrico Galliera, explained for Reuters that cryptocurrencies had been making efforts to reduce their carbon footprint through the introduction of new software and a large use of renewable sources. Ferrari themselves target carbon neutrality by 2030.
Meanwhile, bitcoin still attracts criticism for the energy-intensive mining that it resorts to. Through this move, the Maranello-based brand is hoping to attract people who are not Ferrari customers but do afford a Ferrari. Prices on the models will not change, and purchasers will not have to pay any additional fees.
The company will accept payments in bitcoin, ether, and USDC, while transactions will be processed by BitPay, which will instantly convert cryptocrrency payments into the conventional currency. They will also make sure that the virtual currency is not sourced from criminal activity or used to evade tax.
This is how Ferrari and its network of dealers will avoid directly handling the cryptocurrencies and be protected from the fluctuations.
The United States is one of Ferrari’s biggest markets. The Italians sold 4,922 cars to the Americas in 2022 out of a total of 13,200 examples sold worldwide, which represents an increase of over 22% compared to 2021. Yet they have no idea how many Ferraris they hope to sell through crypto. According to Enrico Galliera, there is no change in demand following the announcement.
The least expensive Ferrari in the current lineup is the Roma, which starts at $225,000. There is the SF90 Stradale at the opposite end of the portfolio, with prices starting at a half a million dollars.
The payment scheme will soon be extended to Europe, following requests from wealthy customers who have been turning rich or richer due to crypto trading. The move was revealed for Reuters by Ferrari’s marketing and commercial chief, Enrico Galliera.
The volatility of the crypto market has kept the car industry away. Yet Ferrari is not the first. There are BMW, Tesla, and Lamborghini dealerships that would sell you a car for bitcoin.
Tesla started accepting bitcoin as payment in 2021, but it was Elon Musk who put an end to it due to environmental concerns. Asked about the issue, Ferrari’s CMO, Enrico Galliera, explained for Reuters that cryptocurrencies had been making efforts to reduce their carbon footprint through the introduction of new software and a large use of renewable sources. Ferrari themselves target carbon neutrality by 2030.
Meanwhile, bitcoin still attracts criticism for the energy-intensive mining that it resorts to. Through this move, the Maranello-based brand is hoping to attract people who are not Ferrari customers but do afford a Ferrari. Prices on the models will not change, and purchasers will not have to pay any additional fees.
The company will accept payments in bitcoin, ether, and USDC, while transactions will be processed by BitPay, which will instantly convert cryptocrrency payments into the conventional currency. They will also make sure that the virtual currency is not sourced from criminal activity or used to evade tax.
This is how Ferrari and its network of dealers will avoid directly handling the cryptocurrencies and be protected from the fluctuations.
The United States is one of Ferrari’s biggest markets. The Italians sold 4,922 cars to the Americas in 2022 out of a total of 13,200 examples sold worldwide, which represents an increase of over 22% compared to 2021. Yet they have no idea how many Ferraris they hope to sell through crypto. According to Enrico Galliera, there is no change in demand following the announcement.
The least expensive Ferrari in the current lineup is the Roma, which starts at $225,000. There is the SF90 Stradale at the opposite end of the portfolio, with prices starting at a half a million dollars.
Google News