Italian luxury carmaker Ferrari announced that its European dealers will begin accepting cryptocurrency payments, following a successful launch in the United States. The new payment system, which includes fund verification and immediate conversion to traditional currency, will roll out by the end of July.
Ferrari’s statement highlighted that this move supports dealers in meeting the evolving needs of clients. By the end of 2024, Ferrari plans to extend cryptocurrency transactions to other countries within its international dealer network where legal.
Cryptocurrencies, like bitcoin, are decentralized digital currencies. While advocates tout financial freedom, these currencies are known for their volatility. Bitcoin, for instance, has faced criticism for its association with illegal transactions and environmental concerns.
In 2021, Elon Musk announced Tesla would accept bitcoin, but later reversed his decision, citing pollution concerns. Ferrari’s move into cryptocurrency payments reflects a growing trend among luxury brands to accommodate modern financial preferences.