Ferrari, the iconic Italian sports car manufacturer, has rolled into the crypto fast lane, now accepting digital currencies for its high-end vehicles in the U.S.
Although cryptocurrency is often associated (at least online in ‘meme culture’) with getting rich enough to buy a ‘Lambo’, it’s Ferrari that is leading the supercar pack.
While many corporations have hesitated to adopt crypto due to its volatility and regulatory concerns, Ferrari has taken the leap, spurred by the demands of their affluent clientele.
Recalling Tesla’s brief dalliance with bitcoin acceptance in 2021, which was later suspended due to environmental worries, Ferrari has showcased a more confident approach. Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, emphasized to Reuters the ongoing efforts in the crypto realm to lessen their environmental impact. “Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” Galliera remarked.
According to Galliera, the crypto plunge was largely a response to market dynamics and dealer requests. “Our client base, ranging from young crypto magnates to traditional investors seeking to diversify, have shown immense interest in crypto transactions,” he explained.
Despite the advancements in the energy efficiency of certain cryptocurrencies, notably ether, bitcoin remains in the spotlight for its environmental footprint.
The “Prancing Horse”, having delivered over 1,800 vehicles to the Americas in the initial half of the year, is optimistic but reserved about its crypto sales forecasts. “While our order books are robust and filled until 2025, we’re keen to explore this burgeoning sphere,” Galliera shared.
With Ferrari’s 2022 sales numbering 13,200 vehicles, boasting a price tag beginning at a hefty €200,000 ($211,000) and soaring to €2 million, plans are afoot to unfurl the crypto acceptance program in Europe by early next year, targeting regions with crypto-friendly regulations.
Europe, along with the Middle East and Africa, remains Ferrari’s primary market, commanding a 46% share of its car deliveries in H1. Galliera noted that the enthusiasm for crypto is uniformly distributed, with no stark contrasts between the U.S. and Europe.
To streamline the crypto transactions, Ferrari has partnered with BitPay, one of the leading crypto payment processors, initiating with bitcoin, ether, and USDC. “We promise unchanged prices, devoid of fees or additional charges for crypto transactions,” affirmed Galliera. BitPay’s role will also involve instantly converting crypto payments into conventional currency, safeguarding Ferrari’s dealers from the whimsical crypto market.
Further underscoring the brand’s emphasis on legitimacy and security, Galliera stated, “Our collaboration with BitPay ensures that the digital assets are sourced legitimately, devoid of any criminal affiliations.”
As the scheme kicks off, the majority of Ferrari’s U.S. dealers are either on board or are set to be, and Galliera exudes confidence about more joining the fray. “It’s only a matter of time before others catch up,” he opined.
What do you think about buying a Ferrari with cryptocurrency? Would you do it if you could?
