Ferrari Now Accepts Cryptocurrency Payments in the US
Ferrari has made a significant move in the market by allowing US residents to purchase its cars using cryptocurrencies like Bitcoin (BTC). CoinFlip CEO Ben Weiss has called this decision one of the biggest wins in the market in 2023. The luxury car manufacturer has recognized the growing demand for alternative payment solutions and aims to support its dealers in meeting this demand.
According to a representative from Ferrari, the source of the cryptocurrencies used for payment will be verified, and any risks associated with exchange rate volatility will be eliminated. Dealers and Ferrari itself will receive payments in traditional currency, rather than managing cryptocurrencies directly.
To integrate crypto payment support, Ferrari has partnered with BitPay, a major crypto payment firm that serves global brands like AMC Theaters and Newegg. Customers in 10 US locations, including Washington and Las Vegas, now have the option to exchange their cryptocurrencies for top Ferrari car models such as the SF90 Stradale, Ferrari Purosangue, and Daytona SP3.
Ben Weiss believes that Ferrari’s decision to accept crypto payments is significant for the market, as their reputation can increase adoption, cryptocurrency value, and consumer confidence. He suggests that this move may also prompt lawmakers to develop clear regulatory frameworks. Weiss expects that more traditional global firms will follow in Ferrari’s footsteps and accept Bitcoin as a form of payment.
Ferrari’s adoption of cryptocurrency payments aligns with its commitment to environmental, social, and corporate governance. The company aims to become carbon neutral by 2030 and has considered the environmental impact associated with cryptocurrencies as part of its decision-making process.
Industry analysts have reported that over 50% of Bitcoin mining energy comes from renewable sources as of mid-September 2023. However, Tesla, led by Elon Musk, has not yet adopted the BTC payment option. Musk halted Bitcoin payments in 2021 due to concerns about carbon emissions. CoinFlip CEO Ben Weiss notes that Tesla still accepts Dogecoin and suggests that Musk could boost crypto adoption by introducing it to his social media platform, X (formerly Twitter).
In a publicly accessible document titled “What You Need To Know If You Use Bitcoin,” Tesla provides information about the cryptocurrency, including the fact that Bitcoin payments are irreversible. The document emphasizes the importance of entering the correct Bitcoin price and recipient address.
Ferrari’s decision to accept cryptocurrency payments marks a significant milestone in the market. As more major companies like Ferrari and PayPal embrace digital assets, the adoption of cryptocurrencies as a legitimate form of payment is likely to continue growing.