Ferrari Introduces Crypto Payment Option for its Cars in the U.S

In a pioneering development, Ferrari, the renowned luxury sports car manufacturer, has unveiled a bold decision to embrace cryptocurrency as a valid payment method for its vehicles in the United States.

Ferrari Team up with BitPay

As per the reports from Reuters, Ferrari has strategically teamed up with BitPay, a prominent Bitcoin (BTC) payment platform, to facilitate seamless transactions in this new payment landscape. Interestingly, this transformative initiative signifies Ferrari’s willingness to adapt to evolving consumer preferences and technological advancements, aligning itself with the growing popularity of cryptocurrencies.

By accepting digital currencies for their iconic sports cars, Ferrari not only caters to a tech-savvy clientele but also enters a frontier that has been traditionally dominated by conventional forms of payment. However, the car manufacturer did not specify the number of cars it expects to sell using crypto payments.

Although the initial rollout of cryptocurrency payments will be within the United States, Ferrari has ambitious plans to extend this cryptocurrency payment option to its European market in the first quarter of 2024, amplifying the global reach of this groundbreaking decision. Meanwhile, BitPay’s role extends beyond transaction facilitation, as it will promptly convert cryptocurrency payments into traditional currency on behalf of Ferrari’s dealers.

Tesla to Reconsider Crypto Payments in the Future

Recall that the American electric automaker, Tesla Inc. hinted at the possibility of resuming the acceptance of BTC as one of its methods of payment, a pro-BTC move that it discontinued citing the energy utilization of the digital currency. 

However, the company and Musk posited that its decision is not final and that it is subject to change once Bitcoin’s energy usage and environmental impact are greatly improved. The automaker also formally expressed its plans to make this a reality as soon as possible.

Companies Showing Interest in Crypto Payment

As reported in November 2022, one of South Africa’s biggest supermarkets, Pick n Pay started accepting Bitcoin payments at its locations after the expansion of its payments’ pilot program. Pick n Pay’s BTC-enabled payment gateway not only supports on-chain BTC transactions but also lets users pay with Lightning wallets, making even the smallest of purchases possible.

Also, Balenciaga, a Paris-based luxury fashion house announced that it has started accepting BTC and Ethereum (ETH) payments as it seeks a long-term strategy for the crypto industry. The company plans to make the service a broad-based one that will spread to other regions as well as support many more crypto assets.