Ferrari To Allow Crypto Currency Payments For Cars

Ferrari has initiated the acceptance of cryptocurrency payments for its luxury sports cars in the United States and plans to expand this initiative to Europe. This decision was driven by requests from its affluent clientele, according to the company’s Chief Marketing and Commercial Officer.

The majority of major companies have refrained from embracing cryptocurrencies due to their volatility and impracticality for commercial transactions. Inconsistent regulations and high energy consumption have also hindered the adoption of cryptocurrencies as a method of payment.

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Tesla, an electric car manufacturer, started accepting bitcoin as payment in 2021 but later discontinued this option due to environmental concerns, led by CEO Elon Musk.

Ferrari’s Enrico Galliera mentioned that cryptocurrencies have been working to reduce their carbon footprint through software enhancements and increased use of renewable energy sources. He confirmed the company’s commitment to achieving carbon neutrality by 2030 across its entire value chain.

Ferrari’s decision to accept cryptocurrency payments was prompted by customer demand and dealer input, as many of its clients have invested in cryptocurrencies. Some of these clients are young investors who have accumulated wealth through digital currencies, while others are more traditional investors looking to diversify their portfolios.