Ferrari recently confirmed that customers can purchase its supercars using cryptocurrency as payment within the United States. The automaker also plans to extend the payment option to Europe sometime early next year.
According to a report released by Reuters, the large majority of companies typically steer clear of crypto payments as “the volatility of bitcoin and other tokens renders them impractical for commerce” and “Patchy regulation and high energy usage have also prevented the spread of crypto as a means of payment.” However, Ferrari’s decision to accept cryptocurrency as payment is said to have been influenced by demand from the market and dealers, as most of the brand’s clients invest in crypto.
Enrico Galliera, Chief Marketing & Commercial Officer, Ferrari, stated, “Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios.”
In the first half of this year, Ferrari shipped 1,800 cars to the United States. Last year, the Italian automaker sold 13,200 cars ranging in price from $211,000 to over $2 million. Galliera mentioned that Ferrari is booked into 2025, but there is no mention of crypto payment sales number expectations. “This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” he said.
Ferrari is now partnered with BitPay for its first go at accepting cryptocurrency in America and is able to accept payments via Bitcoin, Ether and USDC. According to Galliera, prices will not change based on crypto payment, and there are additional fees or surcharges.
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