Ferrari Begins Accepting Cryptocurrency as Payment For Its U.S. Customers

News from the United States has it that Ferrari, the venerable Italian luxury sports car company, has made history by announcing that it will now accept cryptocurrencies as payment for its vehicles in the United States. Enrico Galliera, Ferrari’s Chief Marketing Officer told Reuters that the company’s choice to accept cryptocurrencies was inspired by command and awareness of the surroundings.

He clarified that, in line with Ferrari’s plan to sustainability, cryptocurrencies have been actively trying to lower their carbon footprint by adopting new technologies and a greater use of renewable energy sources. The company said that by accepting Bitcoin as a form of payment, the business can meet the changing needs of its clientele and draw in a new market of prospective customers.

As of press time, the Bitcoin market is experiencing some scarcity due to the intensive energy it often needs while mining. Days from Telegraph India says that the company has shipped over 1800 different models across the United States continent. The company has stated that Europe, the Middle East, and Africa (EMEA) is their biggest market, thus accounting for 46% of their total shipment in the first quarter of 2023.

BTC And ETH Users Can Now Pay To Buy Ferrari

With this change, purchasers can purchase Ferrari’s sports cars using Bitcoin, USDC,  and Ethereum. As at press time, Ferrari automobiles range in price from over 200,000 euros (equivalent to $211,000) to over 2 million euros, which can also be converted to cryptocurrency equivalent.

The company also hopes to expand this choice to areas where cryptocurrencies are regarded as legal tender. The report states that BitPay, a cryptocurrency payment processor, guarantees that every payment comes from an authentic source and not from dubious means like tax evasion, money laundering, etc.

The company, through its Chief Marketing and Commercial Officer, said that it will still ensure that the company will continue selling its cars through cryptocurrencies – and that its portfolio will be fully booked by 2025.

Ferrari Lists Advantages, Promises To Reduce Their Carbon Footprint

The initiative by cryptocurrencies to lessen their carbon footprint fits in with Ferrari’s attempts to lessen its environmental impact. Analysis on The Telegraph India platform said that “Ferrar” strengthens its standing as a forward-thinking business focusing on innovation and sustainability by including cryptocurrency into its payment options.” Recall, that Tesla, in 2021, commenced accepting Bitcoin as a payment medium for its elite cars.

This continued until the CEO, Elon Musk, suspended the process, relating it to some environmental challenges. Enrico Galliera, the Chief Marketing and Commercial Officer at Ferrari, while attending to journalists from Reuters, says that they are working on reducing their carbon footprint via the introduction of newer software and a bigger energy source.

Galliera added that the company is planning on side-lining the dealers as a way of directly managing the cryptocurrencies, and getting protection from it’s frequent market fluctuation. Galliera said that the company is looking to reach carbon neutrality by 2030.

He said the company’s decision was motivated by the client, revealing that most of their clients are now heavily investing in cryptocurrency. He also revealed that some of these clients are young entrepreneurs who have built their wealth around the cryptocurrency niche. The company is also working on new ways to penetrate the Chinese market amid their cryptocurrency restrictions.