Following requests from its wealthy clientele, Ferrari has begun accepting cryptocurrency payments for its high-end sports cars in the United States and will soon expand the payment option to Europe.
Since Bitcoin and other cryptocurrencies are too volatile for use in trade, the vast majority of blue-chip firms have shied away from them.
The use of cryptocurrencies as a form of payment has also been hampered by patchy regulation and excessive energy consumption.
These include the electric vehicle manufacturer Tesla, which started accepting Bitcoin payments in 2021 until CEO Elon Musk stopped it due to environmental concerns.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, told Reuters that the cryptocurrency industry had made attempts to lessen its carbon impact by introducing new technologies.
As many of its clients have invested in cryptocurrencies, Ferrari claimed that the decision was made in response to requests from the market and dealers.
In the first half of this year, Ferrari transported more than 1,800 vehicles to its Americas region, which includes the United States. The company intends to expand the cryptocurrency programme to Europe by the first quarter of 2019 and then to other places where it is permitted.
Ferrari’s largest market, accounting for 46% of its total vehicle exports in the first half of this year, is Europe, the Middle East, and Africa (EMEA).
