Ferrari is to start taking cryptocurrency in the United States and is looking to expand into Europe
In the United States, luxury sports car manufacturer Ferrari has begun to accept cryptocurrency payments.
Enrico Galliera, Ferrari’s chief marketing and commercial officer, told Reuters that the company is making the change because a large percentage of its customers own digital currency, according to a CNBC unit published earlier today.
The vast majority of Fortune 500 companies have been hesitant to adopt cryptocurrency payments. According to CNBC, people are wary because of Bitcoin and other digital currencies’ high energy usage, regulatory uncertainty, and volatility. While Tesla first accepted Bitcoin in 2021, the company subsequently changed course, citing concerns about the environment.
Galliera reported to Reuters that there has been improvement in the crypto industry’s environmental footprint. He also restated Ferrari’s long-standing pledge to make its whole business operation carbon neutral by 2030.
It seems that Ferrari’s varied customer base had a role in the company’s decision to accept digital currencies. Both newer, younger investors and more seasoned ones looking to diversify their holdings can find opportunities in the cryptocurrency market. According to CNBC, Ferrari has a robust order book with reservations stretching beyond 2025. Over 1,800 automobiles were sent to the Americas, including the United States, in the first half of this year. Galliera did not reveal how many Ferraris were anticipated to be sold using crypto, but he did suggest that the company may attract a larger customer base thanks to the new payment option.
According to rumors, Ferrari plans to add cryptocurrency payments across Europe in the first quarter of 2024. According to CNBC, 46% of Ferrari’s total automobile exports this year have gone to customers in Europe, the Middle East, and Africa (EMEA). According to Galliera, the enthusiasm for using cryptocurrencies to make purchases is almost the same in the United States and Europe. According to CNBC, Ferrari’s new payment option may be limited in nations like China, where cryptocurrencies are subject to regulations.