Ferrari to accept crypto as payment for its cars in the US

Ferrari is set to begin accepting cryptocurrency as payment for its supercars.

The Italian automaker will initially only accept crypto in the US, with a plan to extend the program to its European customers in the near future.

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The news that Ferrari would start accepting crypto came out of the blue.

No other major car brand has ever seriously considered accepting crypto apart from Tesla, and even then, Musk’s company made it clear crypto could only be used to buy gadgets and accessories, not an actual car.

On top of all that, crypto users and car fans alike were taken aback by the news because Ferrari is famously rather conservative when it comes to who can get access to its cars.

However, as explained by Ferrari’s chief marketing officer Enrico Galliera, the brand is turning to crypto for two reasons.

*FERRARI TO ACCEPT CRYPTO AS PAYMENT FOR ITS CARS IN THE UShttps://t.co/QesIXHykeR 👈 pic.twitter.com/OtJ1o3h79D

— Investing.com (@Investingcom) October 15, 2023

First and foremost, Galliera acknowledged that cryptocurrencies are a lot more ‘green’ now.

Speaking to Reuters, Galliera said miners are switching to renewable sources to mine crypto efficiently, and this is in line with Ferrari’s emission-free strategy.

Secondly, Galliera said crypto opens up new possibilities for the brand.

“Some [of these potential buyers] are young investors who have built their fortunes around cryptocurrencies,” he told Reuters.

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

Ferrari delivered over 13,000 cars last year, and this new strategy is likely to bring dividends in the near future.

The Italian supercar manufacturer will (for now) only accept crypto in the US, its largest market.

This option will almost certainly not be available in China, another major market for Ferrari, because crypto is de-facto banned in the country.

However, depending on whether this new strategy works or not, Ferrari will extend the crypto payment option to the European market as well.