Due to dealer requests and market demand—many customers having invested in digital currencies—Renault Ferrari decided to accept cryptocurrency payments.
Ferrari will take bitcoin payments for its high-end sports cars in the US since there is a demand from customers. The automaker intends to take cryptocurrency payments in Europe as well.
In a recent Reuters story, Enrico Galliera, the chief marketing and commercial officer of Ferrari, reportedly affirmed the premium automobile manufacturer’s goals. Ferrari decided to accept cryptocurrency payments in response to dealer requests and market demand. Many of its clients, notably young, tech-savvy investors, have already made bitcoin investments.
Galliera purportedly said that Ferrari’s robust order portfolio is fully booked through 2025, despite without mentioning the quantity of vehicles the automaker anticipates selling via cryptocurrency payments. Ferrari wants to interact with potential customers outside of its typical audience by testing this growing market. By the first quarter of 2024, the luxury carmaker intends to launch cryptocurrency payments in Europe. After that, it will go to other crypto-friendly regions.
Ferrari is said to have teamed up with BitPay, a well-known cryptocurrency payment processor, for its first phase in the United States. Transactions in Bitcoin, ether and Usd coin are made possible by this partnership.
Galliera reaffirmed that there will be no extra costs or levies for using cryptocurrencies because BitPay will quickly transform cryptocurrency payments for Ferrari’s dealers into traditional fiat money, protecting them from changes in cryptocurrency prices.
Additionally, BitPay will confirm the digital currency’s integrity to make sure it doesn’t come from illegal activity, money laundering, or tax avoidance.
Because of the volatility of cryptocurrency prices and the related impracticality of transactions, many large organisations have been reluctant to adopt cryptocurrencies. One of these businesses is Tesla, a producer of electric cars that began taking Bitcoin payments in 2021. However, Elon Musk, the CEO, suspended this kind of payment because of environmental issues.