The crypto sector has recorded another landmark as luxury car producer Ferrari has begun accepting Dogecoin as a means of payment in the US. The memecoin now joins the likes of Bitcoin, Ethereum, and USDC as payment options for customers looking to acquire Ferrari with crypto in America.
Ferrari further solidified its adoption of cryptocurrencies with the Dogecoin acceptance after announcing it would first deal with digital assets in October 2023. Bitpay is expected to also act as a settlement agent for payments made in DOGE.
More Use-Case for Dogecoin
Starting out as a dog-themed memecoin, Dogecoin has somewhat risen to substantial usability. Ferrari becomes the second car manufacturer to integrate payment using Dogecoin, just after Tesla.
Electric car company Tesla announced in December 2021 that it would accept DOGE as payment for its merchandise and plans to take it at its charging stations, too. The crypto community widely expected the move owing to the love story between Dogecoin and Tesla’s owner, Elon Musk.
As the name goes, memecoins are usually for sarcasm in the crypto world, and their price actions are purely driven by community backing. Without a use case, a memecoin becomes redundant over time as its supporters look for newer memes that catch their attention in crypto.
Widespread Crypto Payment Adoption
The earlier skepticism about cryptocurrencies, their safety, and unpredictability has turned slowly to widespread adoption. A continual upgrade by the crypto sector has seen it match toe-to-toe with traditional financial systems and even beat them in some aspects.
The cheap, faster, and 24/7 nature of payment options in cryptocurrencies has seen Americans angling for traditional payment agents to upgrade their services. Earlier this month, a report showed that Americans would have saved $74 billion in credit card fees had they ditched traditional transactional services for blockchain solutions.
Payment giants like Visa, Mastercard, and Paypal have all integrated Bitcoin into their payment options, while firms like Microsoft, Dell, and Shopify all accept payment in cryptocurrencies.
