Italian luxury car manufacturer Ferrari now accepts Bitcoin, Ethereum (ETH), and the USDC stablecoin for their high-end sports cars in the United States. The decision comes as the company aims to attract a new generation of customers.
Ferrari has teamed up with crypto-payment processor BitPay to facilitate the conversion of digital asset payments into fiat currency for Ferrari dealers, along with conducting the necessary due diligence.
Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, told Reuters that this strategy is designed to engage with younger investors who have amassed wealth through cryptocurrencies. He said, “Some are young investors who have built their fortunes around cryptocurrencies. This will help us connect to people who are not necessarily our clients but might afford a Ferrari.
“Ferrari is now among the growing list of automakers that accept cryptocurrencies for their vehicles, joining the likes of Lamborghini, Nissan, and BMW. Electric vehicle leader Tesla Inc. had also accepted Bitcoin, but discontinued the practice in 2021 due to environmental concerns associated with the cryptocurrency.
Galliera pointed to recent efforts to make cryptocurrencies more climate-friendly as a factor in Ferrari’s decision to accept them. Currently, the cost of Ferrari’s most recent model, the 812GTS, translates to approximately 15 Bitcoin.
Aside from luxury cars, crypto holders have been able to make purchases ranging from renting out luxury yachts to buying expensive residences. Even space flights can be paid for in Bitcoin, as offered by Lord Richard Branson’s Virgin Galactic.
Read Now: Metamask crypto wallet temporarily removed from Apple App store