Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred when trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content is accurate as of the date of publication, but some offers mentioned may no longer be available.
Cryptocurrencies are going mainstream after leading luxury brand Ferrari announced that it will now accept digital currencies for its high-end cars. As reported by Reuters, Ferrari’s new dealership is only open to American customers, but it plans to extend to the European Union in the coming months based on customer demand.
There has been a relatively deep romance between car brands and the world of cryptocurrencies. Notably, Tesla pioneered this movement in 2021, when it began accepting Bitcoin (BTC) for its cars. The company soon backtracked on this path citing the coin’s high carbon footprint, which does not align with its goals.
For Ferrari, the company believes that carbon footprint concerns have now been alleviated as most protocols are now more energy efficient. Despite the support for cryptocurrencies, Ferrari chief commercial and marketing officer Enrico Galliera said the company’s goals of achieving carbon neutrality by 2030 remain intact.
Now that cryptocurrencies are becoming more mainstream, Galliera said the company has to reposition its terms to capture its customers with a sizable portfolio of digital currencies.
“Some are young investors who have built their fortunes around cryptocurrencies,” he said. “Some others are more traditional investors who want to diversify their portfolios.”
BitPay Association: Accepted Tokens
The luxury car brand has chosen BitPay as its payment processor for the offer. Users will be able to purchase high-end cars whose starting price is set at around $211,000 with currencies such as Bitcoin, Ethereum (ETH), XRP and others backed by the main payment processor.
Volatility will be reduced as BitPay will convert funds into fiat currencies to protect Ferrari dealers from price swings. In particular, BitPay is playing a very crucial role in driving a number of new use cases involving digital currencies that can be used as payment for real-world assets.
Ferrari said that for users paying with cryptocurrencies, there will be no changes to prices, fees or surcharges.
