Ferrari to Accept Crypto as Payment for its Cars: Details

• Ferrari has decided to accept cryptocurrencies as payment for its cars
• The firm’s Chief Marketing and Commercial Officer, Enrico Galliera, cited increased demands as the reason for the decision.
• Multiple wealthy clients of the firm have invested in crypto and want the firm to accept digital assets.
• “This will help us connect to people who are not necessarily our clients but might afford a Ferrari,” he said.

Italian sports car manufacturer Ferrari has decided to accept cryptocurrencies as payment for its luxury cars in the United States. The manufacturer does not seem to be deterred by the regulatory uncertainty in the country surrounding digital assets and has expressed plans to expand the scheme to Europe in the near future

According to a report from Reuters, the sports car manufacturer has received multiple requests from its wealthy clients who want Ferrari to accept digital assets as payments for their cars, said the firm’s marketing and commercial chief

This statement comes at a time when multiple blue-chip automobile manufacturers have steered clear of the digital asset sector due to extreme volatility and uncertain regulations in the United States. High energy usage of Bitcoin and other proof-of-work (PoW)-based cryptocurrencies has also pushed companies away from accepting these tokens.

Recall that in 2021, billionaire CEO and founder of Tesla and SpaceX, Elon Musk, said that his electric vehicle manufacturing company would accept Bitcoin, the world’s largest digital asset, as a form of payment. However, the decision did not last long due to environmental concerns, and Tesla withdrew support for cryptocurrencies

The Chief Marketing and Commercial Officer at Ferrari, Enrico Galliera, noted that the digital asset sector has made several efforts to reduce their carbon footprint and the amount of energy consumed by decentralized projects via the introduction of new software and a larger use of renewable sources.

“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,” Galliera said in an interview. The utive also noted that many of the firm’s clients have invested in cryptocurrencies and have requested Ferrari accept payments in digital assets, adding:

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

While Galliera did not reveal the company’s expected sale after accepting cryptocurrencies, he did reveal that Ferrari’s portfolio was strong and fully booked well into 2025. He said that the firm is open to expanding its universe

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

As reported earlier by Bitnation, the luxury car manufacturer’s racing division decided to end its partnerships with its cryptocurrency sponsors in January 2023 after a regulatory crackdown around the world on crypto promotion.