Buying Luxury Cars with Cryptocurrency... Ferrari Introduces Coin Payment

Payment with 'BitPay' in the US
Expansion to Europe Next Year

Now in the United States, it is possible to purchase luxury cars like Ferrari using cryptocurrencies such as Bitcoin.

On the 14th (local time), Ferrari announced that vehicle payments using cryptocurrencies like Bitcoin are now available in the U.S. Ferrari stated that this move is in response to customer requests and that they plan to continue expanding coin payment options in the future.

Ferrari is implementing cryptocurrency payment services in the United States. Photo by Ferrari of the KC23.

According to major foreign media, when purchasing a Ferrari in the U.S., payments are processed through the cryptocurrency payment system 'BitPay,' allowing transactions with Bitcoin, Ethereum, USDC, and others. Even when paying with cryptocurrency, the vehicle purchase price remains the same, with no additional fees or charges.

Enrico Galliera, Ferrari's Chief Marketing Officer, said, "Many customers have invested in coins (cryptocurrencies), including young investors who have accumulated significant wealth through coins and traditional investors who have attempted portfolio diversification," adding, "We decided to allow cryptocurrency payments in response to requests from the market and dealers." He further stated, "By adding cryptocurrencies to our payment system, we expect to connect with people who are not currently our customers but can afford to purchase a Ferrari." Ferrari's move is interpreted as targeting young investors who have built wealth through cryptocurrencies as new customers.

Ferrari plans to enable cryptocurrency payments in Europe starting from the first quarter of next year. Europe, along with the Middle East and Africa, is considered one of Ferrari's largest markets.

Until now, no automaker has allowed vehicle purchases with cryptocurrencies. Tesla permitted Bitcoin payments in March 2021 but halted the option just two months later, citing environmental concerns. At that time, Tesla CEO Elon Musk stated that the fossil fuels used in Bitcoin mining could surge, which was the reason for the suspension. However, recent developments show that Tesla has added Bitcoin to its website source code, raising expectations that it may be reintroduced as a payment option in the future.

Ferrari's adoption of cryptocurrency payments, as a leading company in the luxury car industry, also strengthens the outlook that more companies will embrace such payment systems.