Cryptocurrency holders now have the opportunity to use their digital assets to purchase luxury items like a Ferrari in the United States. This is a significant development that showcases the increasing acceptance and integration of cryptocurrencies into mainstream society. Luxury carmaker, as reported by Reuters, has partnered with BitPay, a crypto payment processor. This collaboration allows the carmaker to accept popular cryptocurrencies such as bitcoin, ether, and USDC for purchases made in the United States. It seems that customers had expressed their desire for this payment option and now their requests are being fulfilled. The anticipated timeline is that Europe will receive the same treatment starting in early 2024, and other regions will subsequently follow suit.
According to Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, customers paying with cryptocurrency will not incur any additional charges. To prevent volatility-related complications, BitPay will handle the conversion of these payments into traditional currency at the time of the transaction. According to Galliera, implementing this move will enable the company to connect with a new audience segment – individuals who may not currently be Ferrari clients but have the means to afford one.
Ferrari made a significant announcement last year, showcasing its dedication to adopting more sustainable practices such as reducing its environmental impact. However, the decision to embrace cryptocurrencies, which are known for their high energy consumption, may seem contradictory to this commitment. However, the company strongly emphasizes that this does not hinder its mission in any way. Galliera emphasized the progress being made to reduce the carbon footprint of cryptocurrencies. This includes a greater emphasis on renewable energy sources. In an interview with Reuters, they expressed their commitment to achieving carbon neutrality by 2030 across their entire value chain.