TL;DR
Ferrari, the Italian luxury car manufacturer, is now accepting cryptocurrency payments, including Bitcoin (BTC), Ethereum (ETH), and USD Coin (USDC) for its products.
The decision to accept cryptocurrencies came in response to requests from clients and dealers, including both traditional investors and young cryptocurrency investors.
Ferrari has partnered with BitPay as the payment processor, and this move is seen as a positive development for cryptocurrency adoption, although it may not significantly impact the market during bearish periods.
Italian Luxury Car Maker Adopts BTC, ETH, & USDC.
Galliera said many of Ferarri’s clients are invested in cryptocurrencies. As a result, the company decided to accept crypto payments after a number of requests from clients and dealers:
“Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios.”
Moreover, he said the company is hoping to expand its customer base by accepting crypto:
“This will help us connect to people who are not necessarily our clients but might afford a Ferrari.”
Galliera assured customers looking to part with their crypto for a Ferarri that they will not have to pay more to use cryptocurrency for their purchase:
“Prices will not change, no fees, no surcharges if you pay through cryptocurrencies.”
Ferrari is partnering with BitPay as the payment processor to make this happen. Holders of Bitcoin, Ethereum, and USDC will have the option to spend their tokens on the Italian luxury vehicle.
Of course, purchases will still have to conform to local laws in buyers’ legal jurisdictions. Not long ago, in 2021, a Frenchman got an 18-month jail sentence in Morocco for buying a Ferrari with $440,000 worth of Bitcoin.
Ferarri Brand Synergies with Cryptocurrency
This isn’t the Italian car brand’s first dust-up with crypto. In 2021, Ferrari partnered with Swiss tech firm Velas Network AG to bring NFTs to its fans.
Ferarri’s brand reputation aligns well with blockchain. The carmaker is committed to innovation, performance, speed, and community. The most trusted and reliable cryptocurrencies share that same commitment.
High finance legacy investor Bill Miller even compared Bitcoin to Ferrari in 2021, meanwhile comparing gold to a horse and buggy.
There’s no telling for sure exactly how many new purchases Ferrari will transact using crypto. Many Bitcoin and Ether investors prefer to hold.
Crypto investor Scott Melker, who goes by the moniker “The Wolf of All Streets” on Twitter, pointed out investors will not likely part with their tokens during the bear market:
“My take: great news for adoption, but unlikely to move the needle. When Tesla accepted bitcoin in 2021 it was viewed as huge news, but few people took advantage of the opportunity… Cool move by Ferrari, but unimportant for the market during the bear.”
Overall, this is bullish news for cryptocurrency. It’s more earned media coverage, more social and market proof, and more ways for holders to use their crypto tokens. The fact that people won’t likely part with their Bitcoin and Ether shows just how bullish crypto investors are for their holdings over the long term.
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