Enrico Galliera, the head of marketing and sales for the brand based in Maranello, verified this update. He highlighted that this move caters to the diverse investment backgrounds of their wealthy customers.
"Some are young investors who have built their fortunes around cryptocurrencies," Galliera told Automotive News. "Some others are more traditional investors, who want to diversify their portfolios."
The choice to accept digital currency reflects a gradual shift in the auto industry toward embracing this form of payment. Galliera noted that efforts are being made within the crypto industry to lessen their environmental impact, such as incorporating new software and focusing on renewable energy. He also affirmed that Ferrari is steadfast in its goal to be carbon neutral across its entire operation by 2030.
This decision by the Italian luxury car maker is significant, as most established companies have generally been cautious about adopting cryptocurrencies. Concerns have typically centered around the high volatility of digital currencies like Bitcoin, making them less than ideal for common transactions. Regulatory uncertainty and the environmental cost of mining cryptocurrencies have also been barriers to their widespread use for payments.
While Ferrari has not revealed how many cars it aims to sell through cryptocurrency, Automotive News states that the company's order book is robust and filled until 2025.
BitPay, a company specializing in crypto transactions, will handle the conversion of crypto payments into conventional currency for Ferrari.
"Prices will not change, no fees, no surcharges if you pay through cryptocurrencies," Galliera added. "This was one of our main goals: avoiding, both our dealers and us, to directly handle cryptocurrencies, and being shielded from their wide fluctuations.”
Lastly, it’s important to mention that countries like China, Egypt, North Macedonia, Saudi Arabia, and Tunisia are among those that have restrictions on cryptocurrency payments. According to the 2023 Global Crypto Adoption Index, the top 5 crypto-friendly countries in the world are India, Nigeria, Vietnam, the United States, and Ukraine.
Source: Automotive News
