In a nutshell: Italian supercar maker Ferrari now accepts cryptocurrency as a form of payment in the US and plans to expand the program to Europe. Enrico Galliera, Ferrari's chief marketing and commercial officer, told Reuters the company's decision to accept crypto came at the behest of wealthy clients.
Some of Ferrari's customers are young investors that have built substantial fortunes around crypto, Galliera said, adding that others are more traditional investors looking to diversify their portfolios.
Dipping their toes into crypto could also help the company cater to folks that might not yet be clients but can afford a Ferrari.
Ferrari sold 13,200 vehicles in 2022, but has only shipped just north of 1,800 vehicles to the Americas in the first half of this year. The executive did not share how many cars they expect to sell via crypto, but did reveal that they are booked well into 2025.
Ferrari has partnered with BitPay and will accept payments in Bitcoin, Ethereum, and USDC, a stablecoin pegged to the US dollar. Galliera said there will be no added fees (or discounts) for those paying with crypto. BitPay will immediately convert the crypto into traditional currency to protect dealers from wild price swings, and ensure that funds are not being derived from criminal activity.
Most dealers in the US have already signed up for the new crypto program, Galliera said, or are close to finalizing plans to accept digital currency. Ferrari aims to roll out a similar program in Europe by the first quarter of 2024 followed by other regions where crypto is legal.
Ferrari is not the only automaker to experiment with crypto. Back in early 2021, Tesla started accepting Bitcoin as a payment method in the US. A few months later, however, CEO Elon Musk reversed the decision, citing the environmental impact of Bitcoin mining. Musk said Tesla would consider accepting Bitcoin again once it cleans up its act. As of writing, the only cryptocurrency Tesla accepts is Dogecoin.
Image credit: Etkin Celep, Casper Somia