You can now buy a Ferrari with cryptocurrency

In the US, individuals with substantial cryptocurrency holdings now have the option to use them to purchase a Ferrari. Luxury automaker Ferrari, as reported by Reuters, has joined forces with the crypto payment processor BitPay to facilitate transactions using bitcoin, ether, and USDC within the United States, fulfilling the requests of eager customers. This convenience is anticipated to extend to Europe in early 2024, with plans to expand to other regions in the future.

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Notably, Ferrari is committed to offering this service without imposing any additional fees on crypto payments. According to Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, BitPay will carry out the conversion of cryptocurrency payments into traditional currency at the moment of the transaction, thereby mitigating concerns related to currency value volatility. Galliera emphasized that this strategic move enables Ferrari to reach a wider audience, “people who are not necessarily our clients but might afford a Ferrari.”

The decision to embrace cryptocurrencies might appear at odds with Ferrari’s recent commitment to sustainability. Last year, the company announced its dedication to adopting more environmentally friendly practices and reducing its overall environmental impact. However, Ferrari asserts that this shift in payment options does not contradict its mission. Galliera pointed out the advancements made in lessening the carbon footprint associated with cryptocurrencies, such as a growing reliance on renewable energy sources. He emphasized that Ferrari’s goal of achieving carbon neutrality across its entire value chain by 2030 remains steadfast and unaffected by this endeavour.