Recently, Italian luxury car manufacturer Ferrari announced that it will support cryptocurrency payments in the United States, making it convenient for customers to purchase their luxury sports cars. Ferrari's cryptocurrency payment plan will also expand to Europe in early 2024 and then to other countries.
It is reported that Ferrari will collaborate with the cryptocurrency payment platform BitPay, which supports cryptocurrencies such as Bitcoin, Ethereum, USDC, Ripple, and Shiba Inu as payment methods.
Ferrari's Chief Marketing and Commercial Officer Enrico Galliera stated that through this plan, the company aims to attract and reach "potential customers who may not currently belong to us but have the ability to purchase a Ferrari."
Attracting Young High Net Worth Buyers
An increasing number of young, high net worth customers are investing in and holding cryptocurrencies. The luxury car market and dealers have already noticed the demand from these individuals, and even Ferrari is now attracting these non-traditional customer groups, the "new aristocracy."
"Some are young investors who have accumulated their wealth through cryptocurrencies," Galliera told Reuters. "There are also more traditional investors who want to have a more diversified investment portfolio."
Handling Ferrari's diverse payment needs is the cryptocurrency payment transaction company BitPay. This U.S.-based company can process payments in cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Shiba Inu (SHIB), Ripple (XRP), USDC, and does not require customers to pay additional fees. To avoid the market volatility of cryptocurrencies, BitPay will convert the cryptocurrencies into fiat currency during transactions.
Ferrari is not the first car manufacturer to offer support for cryptocurrency payments. Tesla began accepting Bitcoin payments in 2021, but CEO Elon Musk later halted this service due to the unfavorable environmental impact.
Industry analysts believe that many companies stay away from cryptocurrencies, partly because of the drastic price fluctuations of Bitcoin and other tokens. Using cryptocurrencies as a means of payment also faces issues with inadequate regulation. Furthermore, despite improvements in energy efficiency, the high energy-consuming mining process of cryptocurrencies such as Bitcoin continues to be controversial.
Last year, Ferrari announced further commitments to sustainable operations, including reducing its carbon footprint. Now, adopting cryptocurrency payments seems to contradict this commitment.
In response, Ferrari's Chief Marketing and Commercial Officer Galliera stated that through the introduction of new software and more widespread use of renewable energy measures, cryptocurrencies have reduced their carbon footprint. He further stated, "Our goal is to achieve carbon neutrality throughout the value chain by 2030, and this goal has been absolutely confirmed."
Car Dealers Embrace Cryptocurrency Payments
According to Reuters, Ferrari shipped over 1800 cars in the first half of this year to the Americas, including the United States.
Galliera did not disclose how much of an impact supporting cryptocurrency payments could have on Ferrari's sales. However, he stated that the company's current order momentum is very strong, and they are already fully booked until the end of 2025. Ferrari wants to see if this new initiative can bring surprising performance and expand its market with the new payment method.
Through BitPay, Ferrari can attract not only Bitcoin, Ethereum, and USDC holders, but also Ripple (XRP) and Shiba Inu (SHIB) holders, both of which gained significant traction in the previous cryptocurrency bull market.
As a payment platform, BitPay needs to ensure that the cryptocurrencies come from legitimate sources and avoid the use of cryptocurrencies for payment scenarios that have been involved in criminal activities, such as money laundering or tax evasion.
In the realm of embracing cryptocurrency payments, there are many car dealers. Previously, dealers of well-known car brands such as Lamborghini and BMW allowed customers to use cryptocurrencies to purchase cars.
In 2017, a Lamborghini dealer in California began accepting cryptocurrency payments, and subsequently, almost all Lamborghini dealers in locations such as New York, Albany, and Atlanta in the United States started accepting cryptocurrency payments, with most businesses using BitPay.
In the UK and the US, many BMW dealers have also accepted Bitcoin as a payment method, whether for purchasing new or used cars. Carriage Nissan, a Nissan dealer located in Gainesville, a rural town in the US, sells new and used cars. The company has partnered with Coinbase to offer customers the option to pay with cryptocurrencies.
In early October of this year, Japanese car manufacturer Honda announced a collaboration plan with the cryptocurrency payment company FCF Pay, allowing customers to purchase cars using cryptocurrencies such as Bitcoin and Ethereum.
"I believe others will join soon," stated Ferrari's Chief Marketing and Commercial Officer Galliera. Currently, most Ferrari dealers in the United States have reviewed and accepted this initiative, and he predicts that other businesses will also embrace this idea.
(Disclaimer: Readers are strictly advised to comply with local laws and regulations. This article does not represent any investment advice.)
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