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On July 24, Ferrari announced plans to extend its cryptocurrency payment option to its European dealerships by the end of the month.
Following the success of this service in the U.S., the Italian sports car maker aims to introduce crypto payments to more regions globally by the end of 2024, though this will be limited to countries where digital currencies are legally recognized.
Ferrari’s decision to embrace cryptocurrency payments comes after observing the 2023-2024 crypto market surge. Initially, the company partnered with BitPay in the U.S. to handle transactions in Bitcoin, Ethereum, and USDC. BitPay will convert crypto payments into traditional currency immediately, protecting dealers from price volatility and eliminating customer fees.
Ferrari has not yet announced whether it will use other payment processors in Europe or elsewhere.
Tesla, which briefly accepted Bitcoin payments in early 2021, halted this practice due to environmental concerns related to Bitcoin mining. Although much mining has shifted to greener methods, Tesla has not resumed Bitcoin payments.
Meanwhile, Elon Musk has voiced concerns about the future stability of the U.S. Dollar, suggesting that a return to accepting Bitcoin could be on the horizon and might inspire other companies to follow suit.