Ferrari’s decision to embrace cryptocurrency payments in the United States and extend the initiative to Europe is driven by market demand and dealer requests, responding to the interest shown by a significant number of customers in digital currencies.
Ferrari, the luxury automaker, is meeting customer demand by allowing cryptocurrency payments for its high-end sports cars. The move is prompted by a surge in interest and investment in digital currencies among clients, including tech-savvy young investors.
Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, officially confirmed the luxury brand’s decision in an article dated October 14, as a response to market trends and dealer requests. He stated, “This will help us connect to people who are not necessarily our clients but might afford a Ferrari.”
While the specific number of cars intended to be sold through cryptocurrency payments was not disclosed, Galliera mentioned that the company’s order book is filled until 2025. Ferrari aims to tap into this expanding market to connect with potential buyers beyond its traditional customer base.
The luxury car manufacturer plans to introduce cryptocurrency payments in Europe by the first quarter of 2024, with future expansions into other crypto-friendly regions. Europe, the Middle East, and Africa (EMEA) represent Ferrari’s primary market, contributing to 46% of its overall car shipments in the first half of this year.
According to Galliera, the interest in cryptocurrency payments is similar in both the U.S. and Europe. He emphasized that utilizing cryptocurrency for payments will not incur additional fees or surcharges. However, the exact number of vehicles projected to be sold using this new payment method was not disclosed.
BitPay will verify the authenticity of the digital currency, ensuring it has no connection to unlawful activities, financial impropriety, or tax avoidance.
Galliera mentioned that most of Ferrari’s U.S. dealers have either enrolled in the program or are in the process of doing so.
