Luxury sports car manufacturer Ferrari technology/ferrari-extends-cryptocurrency-payment-system-europe-after-us-launch-2024-07-24/”>announced that it will expand Ferrari has announced that it will be able to pay with bitcoin and cryptocurrencies at its European dealerships starting this month. The move comes after Ferrari began accepting bitcoin and cryptocurrency payments at its US dealerships last year.
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BREAKING NEWS: Luxury carmaker Ferrari to accept twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin and crypto payments in Europe. image.twitter.com/PxT7Z7OwbP
— bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1816073617492283854?ref_src=twsrc%5Etfw”>July 24, 2024
Ferrari said the rollout in Europe will take place by the end of July, allowing customers to purchase new vehicles using bitcoin and cryptocurrencies. The company plans to expand the bitcoin payment option to dealerships around the world by the end of 2024, where it is legally permitted.
Ferrari continues its partnership with leading bitcoin payment processor BitPay to process payments. When a purchase is made in bitcoin, BitPay instantly converts it to traditional fiat currency so Ferrari dealers eliminate exposure to the volatility of bitcoin and cryptocurrencies.
The ability to pay with bitcoin and other cryptocurrencies meets the needs of Ferrari’s tech-savvy customer base with considerable bitcoin wealth. It also takes advantage of growing mainstream adoption as more major companies accept bitcoin payments, including Microsoft, AT&T and travel site Expedia.
Ferrari said accepting bitcoin and other cryptocurrencies gives customers greater flexibility and convenience when purchasing the company’s luxury vehicles. The automaker saw strong demand after enabling bitcoin payments in the U.S. last year.
As luxury and high-end brands embrace bitcoin payments, it helps legitimize the asset class as a currency and not just an investment. The ability for consumers to spend bitcoin at more retailers was also cited as a factor in the recent bitcoin market rally.
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