Reuters: Ferrari Accepts Crypto Payments, Attracts Many Cryptocurrency Nouveaux Riches

Ferrari has started accepting cryptocurrency payments and plans to enter the European market. Responding to customer and market demand, Ferrari has begun accepting cryptocurrency transactions in the United States and aims to expand this payment method to the European region in the near future.

Ferrari to Accept Crypto Payments in the U.S.

Reuters reported that Ferrari has confirmed it will accept cryptocurrency as payment for its high-end sports cars in the U.S. The Ferrari executive revealed in an interview with Reuters that the company is considering expanding this payment option to Europe based on demand from high-end clients.

It is worth noting that many large companies have been cautious about cryptocurrency due to its significant price volatility. Tesla started accepting Bitcoin as a payment method in 2021 but later halted it, citing environmental concerns, as decided by Elon Musk.

Meeting Customer Demand: Rise of Crypto Nouveau Riche

This decision is in response to demands from customers and dealers. The Ferrari executive stated, "Some customers are new wealthy individuals who have amassed their wealth through cryptocurrencies, while others are traditional investors looking to further diversify their investments."

Data shows that Ferrari shipped over 1,800 cars to the Americas, including the U.S., in the first half of this year. The specific transaction volume using cryptocurrency was not disclosed, but the company mentioned that orders are already booked through 2025.

In 2022, the company globally sold 13,200 cars ranging in price from 200,000 euros to 2 million euros and plans to expand cryptocurrency payments to Europe in the first quarter of next year.

Currently, Ferrari has partnered with major cryptocurrency payment processor BitPay to initially accept cryptocurrencies such as Bitcoin, Ethereum, and USDC in the U.S. market. Importantly, dealers do not have to bear the risk of cryptocurrency price fluctuations as BitPay will immediately convert them into fiat currency.

Overall, Ferrari's decision demonstrates the potential application of cryptocurrency in modern business, and it is likely that other dealers may soon follow suit.