Elon Musk has never hidden his love for cryptocurrencies, but in March 2021 he went further and took a unique step: he allowed anyone to buy a Tesla car with Bitcoin. This lasted like a sigh of relief, because after two months they disabled this option, claiming that it did not help energy consumption. Whether that was the real reason or not, this didn’t seem like a good idea, but now the legendary Ferrari has announced that it will offer the same option.

Buy with crypto. The company announced that it will allow people to pay for luxury car purchases with cryptocurrencies. Ferrari’s commercial director, Enrico Galliera, told Reuters that the measure has already been put into effect in the United States and will also be offered for sale in Europe at the request of customers.

They no longer consume as much as they used to. This executive knows what happened to Tesla but confirms that the cryptocurrency segment is making efforts to reduce emissions produced due to mining processes. Improvements include new versions of software and blockchains, as well as the increased use of renewable energy to mine them. In fact, “our target of zero emissions by 2030 across our entire value chain has been fully validated,” he said.

New rich rule. The measure comes from demands from the market and dealers who have seen how many cryptocurrency investors want this type of option. “Some of them are young investors who are building their wealth around cryptocurrencies,” he said. “Others are more traditional investors looking to diversify their portfolios.”

Reduced impact. Unlike the Tesla example, where the price is much more affordable, sales of Ferrari’s luxury cars, which generally start from 200,000 euros and reach two million euros in some models, are limited: in the first half of 2023, Ferrari is estimated to have sold 1,800 units. Cars in the Americas. The firm’s goal is “to help us connect with people who are not our customers but can afford to buy a Ferrari.”

Bitcoin and Ethereum, the heroes. To avoid fears, Ferrari will cooperate with BitPay, one of the largest cryptocurrency payment processing platforms, on these operations. Transactions in Bitcoin, ETH and USDC will be allowed, but other cryptocurrencies may also be accepted in other regions.

Guaranteed cryptos. Prices in dollars will be the same as for these cryptocurrencies, and in fact Bitpay will automatically convert crypto payments into traditional currency. This will facilitate the operations of dealers, who will be protected from possible significant fluctuations in cryptocurrency prices. BitPay will also ensure that these cryptocurrencies come from legitimate sources and not from potential criminal procedures.

Will it work this time? Ferrari’s decision has been accepted by the majority of the brand’s US dealers, but the company also seems to be very confident in such an option, and according to them, it is a decision that others will adopt “soon”.

in Xataka | Bestsellers point to Ferrari’s increasingly unrecognizable future: hybrids and SUVs