Want a Ferrari? Now You Can Buy It With Crypto

Italian luxury sports car manufacturer Ferrari will start accepting crypto payments for its exquisite rides, its marketing and commercial chief told Reuters on Saturday. The brand revealed that it will open the option in the US before extending it to Europe by the first quarter of next year.

Ferrari will immediately convert crypto payments to cash equivalents with the aid of its partnership with crypto-cash settlement merchant Bitpay and will accept remittances in Bitcoin, Ethereum, and USDC, marketing chief Enrico Galliera noted.

The luxury car brand is the latest prominent company to accept cryptocurrency payments, joining the likes of Tesla, Twitter, Google, and Balenciaga.

Adoption Nears Mainstream

Despite the regulatory obscurity the crypto industry has seen, its adoption has continued to go mainstream. Galliera stated that Ferrari accepted the latest payment method based on popular requests from its wealthy customers, as many of them have investments in cryptocurrencies.

“Some (of the clients that requested the adoption) are young investors who have built their fortunes around cryptocurrencies. Some others are traditional investors who want to diversify their portfolios,” Galliera stated.

Ferrari noted that orders placed for its luxury cars in cryptocurrencies were firm and fully booked as far as 2025. The exquisite sports vehicle manufacturers also noted that a desire to “test” the crypto industry affected its decision to accept such payments.

Galliera noted that the luxury car firm would rely on BitPay to vet sources of crypto assets used for payments to confirm that customers made them from legitimate sources. He also noted that most of its US customers have already registered for the payment method, and more will follow suit soon.

Crypto Now Energy Effective: Galliera

Galliera noted that cryptocurrencies have moved from a high-energy, carbon-emission digital asset to a more environmentally friendly currency. He said cryptocurrencies had made significant efforts to match its vision for carbon neutrality by 2025.

“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” he stated.

Thanks to the switch to a renewable energy source by crypto miners and a reduction in the amount of power needed to mint digital currencies, Bitcoin and other cryptocurrencies have become environmentally friendly.