Ferrari decides to accept payments in cryptocurrencies

After the collapse of the Terra Luna ecosystem, the failure of the FTX exchange, and many setbacks, the cryptocurrency industry is finally seeing a light at the end of the tunnel and more and more positive news is coming from the world!

Most importantly, digital assets are of interest to major players such as Tesla, Apple and Ferrari. The latter joined the Web3 enthusiasts quite recently, but with momentum!

Ferrari gives cryptocurrencies the green light

On October 14, the world heard great news – Ferrari began accepting cryptocurrency payments for its luxury sports cars in the US. In addition, the company intends to expand the program to Europe at the request of its wealthy customers.

This was a very bold move on the part of such a well-known automaker. The vast majority of major companies stay away from cryptocurrencies. Why? Because the price volatility of Bitcoin and other tokens makes them impractical to trade. In addition, digital assets are not subject to uniform regulation and are a source of high energy consumption. This effectively prevents their proliferation as a means of payment.

Recall the situation in 2021 when another (electric) car manufacturer, Tesla, began accepting payments in Bitcoin. This was still during the previous bull market, which caused Bitcoin’s exchange rate to rise significantly. Unfortunately, not long after this event, the company’s CEO, Elon Musk, put this possibility on hold for environmental reasons.

Will it be the same with Ferrari?

Interestingly, Ferrari’s director of marketing and sales, Enrico Galliera, said that Ferrari is not concerned about the adverse environmental impact of such a solution. He added that the carbon footprint is negligible thanks to the introduction of the new software and the wider use of renewable sources.

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

Ferrari responds to customer needs

Ferrari said the decision was made in response to requests from the market and dealers, as many customers had invested in cryptocurrencies and wanted to be able to use them in the manufacturer’s showrooms.

This grand gesture by Ferrari is not only a nod to its long-time customers, but also opens the floodgates for a new generation of payments and the entire world of cryptocurrencies. Perhaps this type of venture will become an incentive for other brands to accept payments in the increasingly popular digital tokens.