u.today
Italian luxury sports car manufacturer Ferrari is set to introduce cryptocurrency payments for European customers at the end of July, according to a recent report by Reuters.
The legendary carmaker announced its decision to accept cryptocurrency payments in the U.S. last October. The move was meant to address the needs of its affluent customers, some of whom are representatives of crypto's nouveau riche.
In the U.S., Ferrari allowed its customers to pay with Bitcoin, Ethereum and USD Coin (USDC) via the widely used BitPay payment processor.
For now, it is not clear whether BitPay will also be used by European dealers.
Later, Ferrari also plans to bring crypto payments to dealerships in other regions.
Those crypto enthusiasts who are more keen on Ferrari's long-time rival Lamborghini can also buy luxurious Lambos at the Newport Beach dealership, which added digital assets as a payment option back in 2021. Some authorized dealers for such brands as Porsche and Bentley also accept cryptocurrencies.
Still, luxury cars remain a niche market, and crypto payments are yet to achieve significant adoption among mainstream car companies.
E-car manufacturer Tesla started accepting Bitcoin as a payment method for vehicle purchases in March 2021, but it later dropped this option due to environmental concerns associated with Bitcoin. Elon Musk's new profile picture, which features "laser eyes," has led to speculation that Tesla might restart accepting the largest cryptocurrency. In 2022, Tesla also started accepting Dogecoin for some of its merchandise.