Ferrari Will Accept Cryptocurrency as Payment for Its Cars in the US

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Luxury sports car maker Ferrari will now accept cryptocurrency as payment for its cars purchased in the United States and will extend the option to its European customers. 

Reuters reports Ferrari’s marketing and commercial chief, Enrico Galliera, told the news publication the luxury sports car maker now accepts payment in crypto for cars sold in the US. 

Europeans Can Soon Buy Ferrari’s Using Cryptocurrencies

According to Reuters, the payment scheme is currently only available to customers in the United States, but the option will soon be available to Europe after receiving requests from its wealthy clients.  

Galliera explained cryptocurrencies have made efforts to reduce their high carbon footprint by introducing innovative software and implementing renewable energy sources. Many large companies avoid crypto, citing environmental concerns such as Tesla. The electric carmaker began accepting payment in Bitcoin, but the initiative was halted by its CEO, Elon Musk, due to environmental concerns. 

Commenting on Ferrari’s environmental goals, Galliera said in an interview:

“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed.”

Further adding that the company received overwhelming requests from customers to explore the option of crypto payments:

“Some are young investors who have built their fortunes around cryptocurrencies. Some others are more traditional investors, who want to diversify their portfolios.” 

Galliera said the company was still unsure of how many cars the company will sell through crypto but said Ferrari’s order portfolio was fully booked well into 2025. He added the company chose to take this step to tap into a market it previously had not had access to.

“This will help us connect to people who are not necessarily our clients but might afford a Ferrari.” 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.