Ferrari, a luxury sports car manufacturer announced that it will expand Ferrari has announced that it will be accepting payments in bitcoin and cryptocurrencies at its European dealerships starting this month. The move comes after Ferrari first began accepting bitcoin and cryptocurrency payments at its U.S. dealerships last year.
Urgent: Ferrari, the luxury car manufacturer, accepts #Bitcoin And crypto payments in Europe. pic.twitter.com/PxT7Z7OwbP
— Bitcoin Magazine (@BitcoinMagazine) July 24, 2024
Ferrari said the service will be rolled out in Europe by the end of July, allowing customers to purchase new vehicles using bitcoin and other cryptocurrencies. The company plans to expand the bitcoin payment option to dealers worldwide by the end of 2024, where legally permitted.
Ferrari continues its partnership with leading Bitcoin payment processor BitPay to process payments. When a purchase is made using Bitcoin, BitPay instantly converts it into traditional fiat currency so Ferrari merchants can eliminate exposure to Bitcoin and cryptocurrency volatility.
The ability to pay with bitcoin and other cryptocurrencies caters to Ferrari’s tech-savvy customer base, which has a large bitcoin wealth. It also benefits from growing mainstream adoption, with more major companies accepting bitcoin payments, including Microsoft, AT&T and travel site Expedia.
Ferrari said accepting bitcoin and cryptocurrencies provides customers with added flexibility and convenience when purchasing the company’s luxury cars. The automaker saw strong demand after enabling bitcoin payments in the United States last year.
As luxury and high-end brands rely on Bitcoin payments, this helps legitimize the asset class as a currency rather than just an investment. The ability for consumers to spend Bitcoin at more retailers has also been cited as a factor in the recent Bitcoin market surge.
