As far as customers purchasing cars from Ferrari is concerned, we are aware of their severe policies. They must fulfil prerequisites and consent to regulations. Every time, Ferrari has taken the cautious route. As they now take cryptocurrency as payment for the cars they sell in the US, they are essentially engaging in gambling. Customers that have made cryptocurrency investments have asked for this to happen.
Due to requests from wealthy consumers who have become rich due to cryptocurrency trading, the payment system will soon be expanded to Europe. Ferrari’s head of marketing and business, Enrico Galliera, made the announcement.
The auto sector has avoided the cryptocurrency market due to its volatility. However, Ferrari wasn’t the first. Dealerships for Lamborghini, Tesla, and BMW will sell you a car for bitcoin.
Tesla began accepting bitcoin as payment in 2021, but Elon Musk ended it because of environmental considerations. In response to a question regarding the matter, Ferrari’s CMO, Enrico Galliera, told that cryptocurrencies had been making efforts to lower their carbon footprint by introducing new software and heavily utilizing renewable sources. Ferrari plans to become carbon neutral by 2030.
Nevertheless, bitcoin continues to get criticism for its use of energy-intensive mining. The Maranello-based company wants to draw in new clients who are not currently Ferrari owners but can afford one. There will be no price changes for the models, and buyers won’t have to pay any extra costs.
The company will accept payments in bitcoin, ether, and USDC, while BitPay will handle the processing of transactions, instantaneously converting cryptocurrency payments into fiat money. They’ll also make sure the virtual currency wasn’t obtained through illegal means or used to avoid paying taxes.
This will shield Ferrari and its network of dealers from price swings by preventing them from dealing with cryptocurrencies directly.
One of Ferrari’s largest markets is the USA. Out of the 13,200 automobiles sold worldwide in 2022, 4,922 were sold by the Italians in the Americas, a rise of more than 22% from the previous year. But they don’t know how many Ferraris they expect to sell using cryptocurrency. Enrico Galliera claims that the news had no impact on demand.
The Roma, which starts at $225,000, is the most affordable Ferrari in the current lineup. At the other end of the range, there is the SF90 Stradale, with pricing starting at $500,000.
