Ferrari embraces the digital revolution.
The luxury car manufacturer is now letting Americans use cryptocurrency to buy its luxury sports cars. The decision to start accepting cryptocurrencies comes after a lot of pressure and demand for the service from its wealthy clients.
Chief Marketing and Commercial Officer Enrico Galliera released a statement saying,
“Some of our clients are young investors who have built their fortunes around cryptocurrencies,” Galliera said. “Some others are more traditional investors, who want to diversify their portfolios.”
Other large brands are skeptical about having their customers pay with Bitcoin and other cryptocurrencies due to the vast risks associated with the industry.
In February 2021, Elon Musk’s electric-car company Tesla (TSLA) began accepting Bitcoin payments but discontinued the service only three months later, citing environmental concerns over the electricity usage involved in Bitcoin mining.
The future of crypto payments in major sectors
Galliera believes the world of cryptocurrencies is more shielded and Ferrari doesn`t want to miss out on the opportunity to be part of it and createinclusivity to those customers that only have investments in cryptocurrency.
Ferrari has several cars on order through 2025. The first half of this year has seen more than 1,800 cars shipped to the United States. The use of cryptocurrency should help Ferrari connect with more potential car buyers and boost its sales up by quite a margin..
Next year, Ferrari plans to allow cryptocurrency payments from Europe, The Middle East and Africa claiming the importance of the markets for the luxury car brand..
FUD (Fear Uncertainity & Dougbt) in the Cryptocurrency space
However, in countries like China that do not fully embrace cryptocurrencies, Ferrari may find it difficult to implement this alternative payment method.
The car brand also plans to partner with BitPay,a crypto payment platform,this will enable payments to be made in Bitcoin, Ether and USDC which Bitpay will then immediately transfer to ferari to avoid price fluctuations ensuring a secure payment method for the car brand reducing its risk and exposure to these cryptocurrencies.