According to Ferrari's Chief Marketing and Commercial Officer Enrico Galliera, the automaker has begun to accept cryptocurrency payments for its luxury sports cars in the United States.
Moreover, the company intends to extend this scheme to wealthy customers in Europe. "Some are young investors who have built their fortunes around cryptocurrencies," Galliera said, adding that such a category of potential buyers should not be ignored.
Currently, most blue-chip companies are shunning digital coins due to their excessive volatility, which makes them impractical for business. Poor regulation is another factor preventing firms from using cryptocurrencies as a means of payment.
Earlier, environmental concerns over BTC mining were a key obstacle to widespread crypto adoption. However, the introduction of new software and a massive shift to renewable energy sources allowed the company to reconsider its position, Ferrari’s chief marketing officer noted.
Ferrari is currently cooperating with BitPay, one of the biggest cryptocurrency payment providers, to process transactions in BTC, ETH, and USDC on the territory of the United States. Notably, the automaker delivered more than 1,800 cars to the US in the first half of 2023. In 2022, the company sold 13,200 cars that ranged in price depending on the model from €200,000 ($211,000) to €2 million.
According to Galliera, Ferrari's order portfolio is fully booked until 2025. However, the firm is ready to make adjustments and use new sales tools if necessary. The Italian luxury sportscar maker plans to expand its cryptocurrency payment scheme to Europe by the first quarter of 2024 and then to other regions.
