Marriage between Ferrari and monton crypto thanks to agreement with Bitpay

It will be possible to pay for a Ferrari with crypto, Enrico Galliera, Chief Marketing and Commercial Officer of the immense auotomobile manufacturer Ferrari, announced when interviewed by Reuters. The goal of the new business strategy is to ensure that Ferrari customers have a smooth experience using digital currencies for purchases, without fees or additional costs, a step into the future. Ferrari's decision to open to a new payment channel reflects a well-established trend in the luxury industry. That of accommodating any type of customer and by any means of payment. A good portion of dealers in the United States have signed on to the parent company's proposal, and other dealers may soon follow suit. BitPay is the strategic partner that will enable transactions in the U.S. at no extra cost and without security risk.

Buying a Ferrari with crypto, now you can

Many customers, especially potential Ferrari customers, hold money in digital currencies, and the call to open up to new payment systems has come from dealers who have tapped into this new need. New millionaires who have become rich thanks to the crypto boom and older investors who have decided to diversify their investment portfolios are the main categories of buyers who want to pay for the iconic car in crypto.A need that has come to intensify in the last four months, and Ferrari has stepped in.

Orders, Galliera explained, go up to 2025. In the Americas, so not just the United States, more than 1,800 cars were sold in the first half of the year. It is possible that not all the demand will be met quickly. The decision to simplify payments in crypto could help Ferrari intercept more people interested in buying its cars and take prompt action at the expense of its competitors.

Soon also in Europe and the rest of the world.

Starting in the first quarter of 2024, it will also be possible in Europe to buy, or rather reserve, your Ferrari and pay for it in crypto. The so-called EMEA region, which includes Europe, the Middle East and Africa, is Ferrari's largest market, with 46 percent of sales made during the first half of the year, quite a slice. In addition to Europe, Ferrari plans to extend into the entire world. Left out, however, are those geographic areas where there is a strong ban on cryptocurrencies, such as China.

BitPay is the strategic partner in the U.S.

Galliera confirmed that U.S. dealerships will be able to accept crypto payments through collaboration with partner BitPay, which acts as an intermediary in transactions. BitPay will facilitate payments in Bitcoin, USDC, and Etherium and that they will be immediately converted into current currency to curb the risks associated with the sharp price fluctuations of cryptos. Ferrari assures that there will be no additional fees for cryptocurrency payments, so the value will not change so as not to harm any of the parties involved.

Paying for cars with BTC, Musk had already thought of it

The prestigious luxury electric car manufacturer led by Elon Musk in 2021, on the wave of great excitement, had announced that it would accept payments in Bitcoin. Statement that at the time had generated strong discontent among the carmaker's customers and supporters because of Bitcoin's high environmental impact. A move then previously tried by a major green entrepreneur. Musk, therefore, had suspended the initiative before concluding any transactions, albeit continuing to hold BTC on his balance sheet. Also in 2021, Musk had proclaimed that BTC would be back among the payment methods accepted by Tesla. The condition was that 50 percent of the energy for mining would come from renewable sources, so as to save face in part in front of investors. Back in 2021, and on the heels of a long crypto spring that had taken the market to its highest value to date, Musk's announcement had resonated incredibly. This, along with other factors, had allowed BTC to reach its peak price near $69,000.

Today, on the contrary, Ferrari's announcement does not seem to have achieved any impact on prices and BTC continues to trade below $27,000 keeping itself almost stable over the 24 hours. Will this be a postponed effect over the next few months and/or next year?

Bicci