Ferrari raced to make the move into bitcoin: luxury automakers accepted bitcoin, others from American buyers

Here's a nutshell:

Luxury automaker Ferrari announced that it will accept Bitcoin, Ethereum and USDC as payment methods for its vehicles in the United States.

The move is part of Ferrari's strategy to connect with young and affluent people and align with its carbon neutrality goals.

The company has partnered with BitPay to facilitate these cryptocurrency transactions.

Luxury automaker Ferrari is accelerating its foray into cryptocurrency, accepting bitcoin and other digital assets as a payment method for its vehicles in the United States.

Ferrari has announced its intention to offer cryptocurrency payments for its cars in the United States and plans to expand the service to the European market soon. Potential buyers can choose to buy cars using Bitcoin, Ethereum, and USDC.

Ferrari's cryptocurrency adoption

This move sets Ferrari apart from some large companies that have been hesitant to accept cryptocurrencies due to their volatility and regulatory uncertainty.

Enrico Galliera, Ferrari's chief marketing and commercial officer, explained that the adoption of the cryptocurrency is in line with the company's 2030 carbon neutrality goal.

Galliera noted that the move was prompted by increasing demand for cryptocurrency payment options from the market and dealers.

This is also to attract young investors with substantial cryptocurrency wealth.

Ferrari's target audience is not limited to the younger generation, but also includes traditional investors looking to diversify their portfolios.

"It will help us connect with people who aren't necessarily our customers but might be able to afford a Ferrari," says Galliera. ”

The well-known luxury automaker will introduce cryptocurrency payments in Europe in the first quarter of next year.

The company also plans to expand into other cryptocurrency-friendly regions.

Partner BitPay

Ferrari has partnered with BTC payment processor BitPay to facilitate these cryptocurrency payments.

Galliera confirmed that Ferrari will not charge additional fees or surcharges for cryptocurrency transactions.

According to him, BitPay will convert cryptocurrency payments into traditional fiat currencies, insulating traders from the inherent volatility of the industry.

Ferrari, meanwhile, isn't the first luxury automaker to accept Bitcoin. Last year, electric vehicle (EV) giant Tesla briefly embraced digital assets but abandoned the payment model due to environmental concerns.

The Elon Musk-led company still holds a lot of Bitcoin.

Institutional Bitcoin adoption

While the lack of clear regulatory standards has hindered institutional adoption of flagship digital assets, Bitcoin is becoming increasingly accepted among institutional entities.

Over the past year, several asset managers, including BlackRock, have submitted applications for spot BTC ETFs. The trend marks a recovery from the setback caused by last year's record market crash.