Ferrari allows Euro customers Bitcoin payment
Many countries and companies view Bitcoin with a certain skepticism. Ferrari is not among them. The Italian sports car maker wants to connect with people who are not necessarily our customers but can afford a Ferrari.
Ferrari customers in Europe can already pay for the luxury cars of the Italian sports car manufacturer in a short time using cryptocurrencies. Ferrari plans to extend this payment system, which is already running in the USA, to European dealers by the end of the month, the company announced. By the end of the year, further countries are also expected to follow where cryptocurrencies are legally permitted. "The entry into the European market follows the successful start of this alternative payment system in the USA less than a year ago, to help dealers better meet the evolving needs of their customers," Ferrari explained.
Although most large companies distance themselves from cryptocurrencies due to the volatility of Bitcoin and other tokens, Ferrari began accepting payments in this form in the USA last fall. "This will help us connect with people who are not necessarily our customers but can afford a Ferrari," Marketing Chief Enrico Galliera had said at the time.
For the start of its program in the USA, Ferrari turned to one of the largest cryptocurrency payment processors, BitPay, and enabled transactions in Bitcoin, Ether, and USDC, one of the largest so-called stablecoins. In the framework of the program, BitPay converts cryptocurrency transactions on behalf of Ferrari dealers into traditional currencies to protect them from price fluctuations. For customers, there are no fees or surcharges. It is not clear whether Ferrari will use other payment processors in Europe and other regions.
In Europe, Bitcoin is still viewed very critically. From the perspective of the European Central Bank (ECB), Bitcoin is not a currency but merely a speculative vehicle whose value is influenced by massive fluctuations. Critics also point out that Bitcoin is often used for criminal activities such as money laundering.
- Despite the skepticism toward Bitcoin in many European countries, Ferrari, as an Automaker, is set to expand its cryptocurrency payment system, accepting Bitcoin and other digital currencies from customers, following its successful implementation in the USA last fall.
- In contrast to most luxury goods industry companies that shy away from cryptocurrencies due to Bitcoin's volatility, Ferrari has embraced this digital trend, collaborating with BitPay, a prominent cryptocurrency payment processor, to cater to their customers' evolving payment preferences.
- The extension of Ferrari's cryptocurrency payment system to European dealers signifies a significant move in the economy, where major Automakers typically steer clear of the unpredictable world of Cryptocurrencies, instead focusing on traditional financial methods to sell their Luxury Goods.
