Ferrari decides to accept cryptocurrency payments

After the collapse of the Terra Luna ecosystem, the failure of the FTX exchange, and many setbacks, the cryptocurrency industry is finally seeing a glimmer of hope, with more and more positive news coming in from around the world!

Most importantly, the biggest players—such as Tesla, Apple, and Ferrari—are showing interest in digital assets. The latter joined the ranks of Web3 enthusiasts quite recently, but with a bang!

Ferrari gives cryptocurrencies the green light

On October 14, the world heard exciting news – Ferrari began accepting cryptocurrency payments for its luxury sports cars in the US. Additionally, the company plans to expand the program to Europe at the request of its wealthy clients.

It was a bold move for such a well-known car manufacturer. The vast majority of major companies steer clear of cryptocurrencies. Why? Because the price volatility of Bitcoin and other tokens makes them impractical for commerce. In addition, digital assets are not subject to uniform regulations and are associated with high energy consumption. This effectively prevents their widespread adoption as a means of payment.

Let’s recall the situation from 2021, when another car manufacturer (electric), Tesla, began accepting payments in Bitcoin. This happened during the previous bull market, which led to a significant increase in Bitcoin’s price. Unfortunately, not long after this event, the company’s CEO, Elon Musk, suspended this option due to environmental concerns.

Will it be the same with Ferrari?

Interestingly, Ferrari’s Chief Marketing and Commercial Officer, Enrico Galliera, stated that Ferrari is not concerned about the negative environmental impact of this type of solution. He added that thanks to the introduction of new software and broader use of renewable sources, the carbon footprint is negligible.

“Our goal of achieving carbon neutrality by 2030 has been reaffirmed,” Galliera said in an interview.

Ferrari responds to customer needs

Ferrari stated that the decision was made in response to requests from the market and dealers, as many customers have invested in cryptocurrencies and wanted the opportunity to use them at the manufacturer’s showrooms.

This major move by Ferrari is not only a nod to its long-standing customers but also an opening to a new era of payments and the entire world of cryptocurrencies. Perhaps such initiatives will encourage other brands to start accepting payments in increasingly popular digital tokens.