After EV giant Tesla and Japanese automobile giant Honda, now luxury supercar maker Ferrari has entered into the realm of cryptocurrency as per its customer’s demand. Notably, electric carmaker Tesla entered into the realm of cryptocurrency in 2021, briefly accepting Bitcoin as payment before CEO Elon Musk raised environmental concerns and halted the practice.
Ferrari accelerates into the Cryptocurrency realm amid rising demand
According to local media reports, in the world of luxury automobiles, Ferrari has officially opened its doors to cryptocurrency payments for its prestigious sports cars. This innovative initiative by Ferrari, initially launched in the United States, is set to expand to Europe due to increasing demand from the brand’s wealthy customers.
Enrico Galliera, Ferrari’s Chief Marketing and Commercial Officer, revealed this strategic shift to the initiative, marking a remarkable jump into the world of digital finance.
For years, companies have been cautious about adopting cryptocurrency because of its nature as it is highly volatile specifically in the case of Bitcoin as well as regulatory inconsistencies and concerns. However, the recent decision by Ferrari to accept cryptocurrencies is showing that along with banking sectors other businesses are also venturing into the realm of cryptocurrency.
Businesses enter the world of Cryptocurrency
This recent adoption of cryptocurrency from giants of every sector from banks to asset management firms, and now the automobile industry is creating more strength in digital finance. However, the recent SEC decision not to appeal the court ruling possibly paved the way for Grayscale’s Bitcoin Trust (GBTC) to launch the U.S. first Spot Bitcoin ETF.
Crucially, Ferrari’s decision to adopt cryptocurrencies was not made in isolation but rather as a response to market demands and feedback from its dealers. Galliera shared that a significant number of Ferrari’s clients are not only crypto-savvy but also consider cryptocurrencies a crucial part of their investment portfolio.
“Some are young investors who have built their fortunes around cryptocurrencies,” he explained. “Some others are more traditional investors, who want to diversify their portfolios.” These diverse customers highlight the overall attraction of cryptocurrency as both a financial asset and a medium of exchange.