Iconic Italian luxury sports car manufacturer Ferrari announced that it accepts cryptocurrency payments for its vehicles. Thus, it took an important step in the world of high-end automobiles. According to a Reuters report, the company first introduced this option in the United States. It then plans to expand to Europe following demand from its wealthy customers. Here are the details…
Cryptocurrency step from Ferrari
Traditionally, most large companies have refrained from adopting cryptos as a payment method due to concerns about the volatility of cryptocurrencies such as Bitcoin and the associated difficulties in practical use. Unregulated regulatory frameworks and environmental concerns, particularly the high energy consumption associated with cryptocurrency mining, have been obstacles to widespread cryptocurrency adoption.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, explained the company’s forward-thinking approach. He noted that cryptocurrencies have made significant strides in addressing their carbon footprint by implementing new software and increasing their dependence on renewable energy sources. “Our goal to achieve carbon neutrality by 2030 across our entire value chain has been absolutely validated,” Galliera said in a recent interview.
Ferrari customers consist of Bitcoin and altcoin investors
This bold move comes amid increasing demands from both the market and Ferrari’s dealer network. Because a significant part of the automaker’s customer base has invested in cryptocurrencies. Galliera explained that these customers come from different backgrounds. “Some are young investors who are building their wealth around cryptocurrencies, while others are more traditional investors looking to diversify their portfolios,” he added. Some cryptocurrencies, such as ETH, exhibit improved energy efficiency. On the other hand, Bitcoin continues to face criticism due to its energy-intensive mining process. Despite these concerns, Ferrari is moving forward, capitalizing on the popularity of crypto assets among various investors.
Ferrari did not disclose the number of cars it expects to sell through the cryptocurrency. However, Galliera noted that the company’s order portfolio remains solid. He also confirmed that it is fully booked until 2025. However, Ferrari’s foray into cryptocurrency payments serves a dual purpose. Because it allows the company to connect with a wider audience. “This will help us connect with people who are not necessarily our customers, but who might buy a Ferrari,” explains Galliera.
Ferrari popular in Europe, Middle East and Africa
Going forward, Ferrari’s ambitious plan is to expand its cryptocurrency payment plan to Europe by the first quarter of next year, and potentially other regions where crypto payments are legally accepted. Europe, the Middle East and Africa represent Ferrari’s largest market. In fact, these regions accounted for 46% of the company’s total automobile shipments in the first half of this year.
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