TL;DR
- Italian luxury car maker Ferrari now accepts payments in cryptocurrencies including bitcoin (btc), ethereum (eth) and USD Coin (USDC) for its products.
- The decision to accept cryptocurrencies came in response to requests from customers and distributors, including both traditional investors and young cryptocurrency investors.
- Ferrari has partnered with BitPay as a payment processor, and this move is seen as a positive development for cryptocurrency adoption, although it may not have a significant impact on the market during bearish periods.
Italian luxury car maker adopts btc, eth and USDC.
Galliera crypto-payment-its-cars-us-2023-10-14/” data-wpel-link=”external” target=”_blank”>many said of Ferarri clients invest in cryptocurrencies. As a result, the company decided to accept crypto payments after a series of requests from customers and distributors:
“Some are young investors who have built their fortunes around cryptocurrencies. Others are more traditional investors who want to diversify their portfolios.”
Additionally, he said that the company hopes to expand its customer base by accepting cryptocurrencies:
“This will help us connect with people who are not necessarily our customers but who could afford a Ferrari.”
Galliera assured customers who want to part with their cryptocurrencies for a Ferarri that they will not have to pay more to use cryptocurrencies for their purchase:
“Prices will not change, there will be no fees or surcharges if you pay with cryptocurrencies.”
Ferrari is partnering with BitPay as a payment processor to make this happen. bitcoin, ethereum, and USDC holders will have the option to spend their tokens on the Italian luxury vehicle.
Of course, purchases will still need to conform to the local laws of the purchasers’ legal jurisdictions. Not long ago, in 2021, a Frenchman was sentenced to 18 months in prison in Morocco for buying a Ferrari with $440,000 in bitcoin.
Synergies of the Ferarri brand with cryptocurrencies
This is not the Italian car brand’s first fight with cryptocurrencies. In 2021, Ferrari partnered with Swiss technology company Velas Network AG to bring NFTs closer to its fans.
The reputation of the Ferarri brand aligns well with blockchain. The automaker is committed to innovation, performance, speed and community. The most trusted and trusted cryptocurrencies share the same commitment.
High-end investor Bill Miller even compared bitcoin to Ferrari in 2021, while comparing gold to a horse and buggy.
It is not certain exactly how many new purchases Ferrari will make using cryptocurrencies. Many bitcoin and Ether investors prefer to hold.
crypto investor Scott Melker, who goes by the nickname “The Wolf of Every Street” on Twitter, he pointed Investors are not likely to dump their tokens during the bear market:
“My opinion: great news for adoption, but unlikely to change the situation. When Tesla accepted bitcoin in 2021, it was seen as big news, but few people took advantage of the opportunity… Great move by Ferrari, but unimportant for the market during the downtrend.”
Overall, this is bullish news for cryptocurrencies. This is more earned media coverage, more social and market proof, and more ways for holders to use their crypto tokens. The fact that people probably won’t get rid of their bitcoin and Ether shows how optimistic cryptocurrency investors are about their long-term holdings.
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