Italian luxury car company Ferrari announced that it has started accepting cryptocurrency payments for new cars in the U.S. and plans to roll out the scheme to Europe and other regions next year, according to Reuters.
Ferrari exported around 1,800 of its supercars and hypercars to the Americas region last year, although it did not reveal how many vehicles it expected to sell for crypto. The majority of its U.S. dealers are already signed up to the scheme or about to agree, according to the company’s chief marketing and commercial officer, Enrico Galliera.
Cryptocurrency payments will be processed by BitPay, enabling transactions in bitcoin, ether and USDC, which will be immediately converted into fiat to protect dealerships from price fluctuations. For customers choosing to pay with crypto, there will be no fees or surcharges added to the cost of the vehicles, which range from 200,000 to 2 million euros ($210,700 to $2.1 million).
The move to accept cryptocurrencies has been driven by requests from customers, and Ferrari plans to include European dealerships by the first quarter of next year, with more regions to follow.
In March 2021, Tesla started to accept bitcoin payments for new vehicles, before abruptly canceling the policy just two months later citing environmental concerns.
Ferrari is also committed to its green credentials, but Galliera assured buyers that cryptocurrencies have been making efforts to reduce their carbon footprint, through software changes (such as Ethereum’s transition to proof of stake) and the use of a higher proportion of renewable energy sources.
“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed.”
Elon Musk has also stated that Tesla will resume its bitcoin payment policy once 50% of the energy used to power the network is from renewables.
Bitcoin burning a hole in your pocket?
If you prefer a raging bull adorning your vehicle to a prancing horse then you’re also in luck. Newport Beach Lamborghini has been accepting bitcoin payments on cars for the last decade, selling its first vehicle for crypto, ironically a Tesla, back in 2013.
If you want to go faster and further afield then why not hire a private jet? Singapore-based Logic Jets has recently partnered with Triple-A to enable payments in bitcoin, ether, tether and USDC.
And if that’s not fast and far enough for you, then what about the edge of space? Richard Branson’s Virgin Galactic was also an early convert to bitcoin, accepting payments since 2013.
But bitcoin retail payments are not just for billionaires. You can buy all sorts of things with bitcoin, from electrical goods at outlets such as NewEgg, to hand-crafted goods from Etsy (as long as the seller enables the bitcoin payments option).
You can even pay for your Big Mac in bitcoin if you happen to live in the Swiss town of Lugano.
So despite a recent report claiming that twice as many online sellers accept cash as cryptocurrency, there are plenty of options to spend your bitcoin if you really want to.