Ferrari Now accepts Crypto
One of the top luxury car brands Ferrari is now accepting various crypto currencies. Currently it is only open to US but plans are being made to extend it to the EU. This is now pushing crypto even closer to going mainstream and pushing its popularity even further. You can now use BitPay to buy your very own crypto ferrari with a starting price of nearly $200,000. The volatility will be reduced by BitPay transferring it into various fiat currencies. Also, users paying in crypto won't face any additional charges.
What coins can you use?
Currently ferrari is accepting only Bitcoin, Ether and USDc however, more support for other crypto currencies may come in the future along with more places where you can buy a ferrari with crypto.
Why accept crypto?
Companies like ferrari now accepting crypto will attract a new customer base and also help the company create a strong, stable crypto portfolio with many fiat currencies. As no extra fees are being made, it can reduce the overall fees for a purchase and can also give them capital for a strong investment portfolio. MAking large purchases with crypto can also be very exciting for many people and introduce a new younger clientele.
What are the risks involved?
Although the funds are being transferred to fiat currencies this does not mean that they are entirely secure and a suddden crash could be devastating to ferraris portfolio and there may not be a chance of recovering however, fiat currencies are mostly secure so there is a slim chance of this happening.
What does this mean for the future of crypto?
With more and more stores accepting cryptocurrency, its popularity is increasing and so a wider customer base is developing. This can also give you more freedom for how you spend your hard-earned crypto and give you more options for investment. This has a chance of making a big impact o the luxury car market with influencing other luxury car manufacturers to adopt crypto as a payment source. This is part of a broader movement with other industries accepting crypto currencies including places like starbucks and PayPal.
Conclusion
Ferrari adopting crypto can have a large impact on the car industry and on crypto as a whole. Thanks for reading and I hope you have a great day.
