Ferrari's Chief Marketing and Business Officer Enrico Galliera stated that the company has started accepting cryptocurrency payments for purchasing its luxury sports cars in the United States and will expand the plan to Europe at the request of its customers.
It is understood that the vast majority of blue chip companies have avoided cryptocurrencies because the volatility of cryptocurrencies such as Bitcoin makes them difficult to apply in business. Poor regulation and high energy consumption also hinder cryptocurrencies as a payment method. Cryptocurrencies require high-power computers to continuously calculate and solve complex data problems day and night in order to obtain them, resulting in significant energy consumption, Therefore, it has been criticized by environmentalists.
Tesla began accepting Bitcoin payments in 2021, but subsequently suspended this payment method due to environmental issues mentioned above.
Galliera stated that cryptocurrencies have reduced their carbon footprint by introducing new software and increasing the use of renewable energy. He said in an interview, "Our goal of achieving carbon neutrality across the entire value chain by 2030 is absolutely certain
He also stated that this decision is in response to the demands of the market and distributors, as many of their customers have invested in cryptocurrency.
Some are young investors who have accumulated wealth through cryptocurrencies. Others are more traditional investors who want to diversify their investment portfolios, "he added.
In the first half of this year, Ferrari exported over 1800 cars to the Americas, including the United States. Galliera did not disclose how many cars Ferrari expects to sell through cryptocurrency. He said that the company's orders are very popular and have been fully booked by 2025, but the company wants to test this expanding field.
This will help us establish connections with people who may not necessarily be our customers, but may be able to afford Ferrari, "he added.
Ferrari sold 13200 cars in 2022, with each starting at over 200000 euros ($211000) and a maximum of 2 million euros. The company plans to expand its cryptocurrency service plan to Europe in the first quarter of next year, and then to other regions that legally accept cryptocurrencies.
Europe, Middle East and Africa (EMEA) is Ferrari's largest market, accounting for 46% of its total car shipments in the first half of this year.
It is reported that Ferrari will initially provide services through encrypted payment processor BitPay in the United States. Bitpay will represent Ferrari dealerships in converting cryptocurrency payments into traditional currencies, thereby protecting them from price fluctuations and ensuring that these cryptocurrency sources are legitimate and not derived from criminal activities or used for money laundering or tax evasion.
If you pay in cryptocurrency, the price will not change and there will be no additional fees, "Galliera said." This is one of our main goals: to avoid our distributors and us directly handling cryptocurrency, and to avoid its significant fluctuations
Finally, Galliera stated that most American dealerships have already signed or are about to agree to the plan, and he believes that other dealerships will soon join as well.